The Short Answer
Nucor (NUE) is generally halal under this screen. Steel, recycling and industrial products are broadly permissible. Nucor's April 4, 2026 filing gives debt/assets of 19.99%, liquidity/assets of 6.96%, receivables-plus-cash/assets of 16.26% and gross interest income/revenue of 0.21%. Nucor sells general-purpose materials that can enter many downstream supply chains, so defense and end-use questions remain qualitative. This is a screening judgment, not a fatwa or personalized investment advice.
Current quantitative Sharia screen
Based on 10-Q figures for the period ended 2026-04-04; calculated 2026-07-13.
7,124 / 35,635
2,481 / 35,635
5,793 / 35,635
20 / 9,496
- Financial
- Pass
- Overall
- Incomplete
Debt/assets are 19.99%, cash plus identifiable short-term investments are 6.96%, receivables plus cash are 16.26% and gross interest income is 0.21%; the reported financial ratios are below the examined FTSE limits, while downstream business-use disclosure remains incomplete.
- Financial
- Pass
- Overall
- Incomplete
Debt, identifiable liquidity, receivables plus cash and disclosed interest income are below the examined MSCI total-assets limits. This is not an index-membership claim; final end-use classification remains incomplete.
- Financial
- Pass
- Overall
- Incomplete
Debt/assets are 19.99% and identifiable conventional liquidity is 6.96%, below the examined Malaysia SAC financial limits. This is a contextual calculation, not an official classification of a U.S.-listed security.
- Financial
- Not calculated
- Overall
- Not calculated
A properly licensed and reproducible historical market-cap series is not stored, so no unsupported market-cap percentage is substituted for the filing-backed asset-based calculation.
Business-activity disclosure
Nucor operates steel mills, steel-products businesses and a raw-materials segment that includes scrap brokerage and processing, direct-reduced iron and natural-gas operations. Steel, recycling and industrial building products are broadly permissible activities, but the filing does not allocate defense, infrastructure, downstream construction or other end uses into a school-specific prohibited-revenue numerator.
Limitation: Nucor reports product and segment categories rather than the final use of every steel shipment. Commodity steel can enter construction, transportation, energy, government or defense supply chains, so no universal prohibited percentage can be inferred from the filing.
Purification
Nucor discloses $20 million of gross interest income, or 0.21% of quarterly sales, but does not prescribe a scholar-approved purification percentage. Downstream end-use classification remains incomplete, so no fixed prescription is asserted.
Inputs, assumptions and primary sources
- Inputs use Nucor's April 4, 2026 Form 10-Q; amounts are USD millions.
- Debt uses short-term debt of $134 million, current long-term debt and finance-lease obligations of $113 million, and long-term debt and finance-lease obligations of $6,877 million. The filing combines finance leases with debt; that combined carrying amount is used conservatively and operating liabilities are excluded.
- Cash uses $2,226 million of cash and cash equivalents. Identifiable short-term investments use $255 million; derivatives and other assets are excluded.
- Receivables use $3,567 million of net accounts receivable. Inventories, other current assets and long-lived operating assets are excluded.
- Net sales were $9,496 million for the thirteen weeks ended April 4, 2026. The filing separately reports $20 million of interest income and $39 million of interest expense, producing $19 million of net interest expense; gross interest income is used as the disclosed-income numerator, or 0.21% of sales.
- External sales were steel mills $6,036 million, steel products $2,786 million and raw materials $674 million. The filing does not provide a universal prohibited-revenue numerator for defense, downstream construction or other end uses.
This is a reproducible financial screen, not a fatwa. A failed total-assets screen can coexist with a pass under a market-cap methodology. ZakatInvest keeps the qualitative assessment separate so numerical thresholds do not erase material context.
This is a reproducible ZakatInvest calculation from Nucor's first-quarter 2026 Form 10-Q for the thirteen weeks ended April 4, 2026. It separates reported financial inputs from school-dependent qualitative conclusions and does not claim an official third-party index classification.
Current Quantitative Screen (April 4, 2026)
- Debt and finance-lease obligations / assets: 19.99% — $7,124 million against $35,635 million of total assets
- Cash plus identifiable short-term investments / assets: 6.96% — $2,226 million of cash plus $255 million of short-term investments
- Receivables + cash / assets: 16.26% — $3,567 million of accounts receivable plus cash
- Quarterly net sales: $9,496 million — steel mills $6,036 million, steel products $2,786 million and raw materials $674 million of external sales
- Gross interest income / revenue: 0.21% — $20 million of disclosed interest income; net interest expense was $19 million after $39 million of interest expense
- Market-cap denominator methods: Not calculated because a licensed, reproducible historical market-cap series is not stored
Debt, liquidity, receivables-plus-cash and disclosed interest income are below the examined asset-based limits. The debt figure is deliberately conservative because Nucor reports finance-lease obligations together with debt.
Nucor's Business Activity
Nucor operates electric-arc-furnace steel mills, steel-products businesses and a raw-materials segment. Product lines include sheet, bar, plate, structural and rebar steel; joists and deck; rebar fabrication; fasteners; metal buildings; insulated panels; towers and structures; racking; warehouse products; and raw-materials and scrap operations.
Steel manufacturing, recycling and industrial building products are broadly permissible activities. The filing reports $6.036 billion of first-quarter steel-mills external sales, $2.786 billion of steel-products sales and $674 million of raw-materials sales. It does not allocate the final use of each shipment into a universal prohibited-revenue numerator.
Qualitative Issues to Keep Watching
1. Debt is below the examined limits, but cycles matter
The current carrying-value proxy is 19.99% of assets. Steel prices and the share price can move in opposite directions through a cycle, so debt-to-market-cap ratios can change even when the balance sheet does not. This record uses asset-based ratios that can be reproduced directly from the filing.
2. Defense and government end use
General-purpose steel may be purchased for defense, infrastructure or military projects. Nucor produces commodity steel and steel products rather than weapons systems or ammunition, but the public filing does not quantify customer end use. A stricter adviser may apply a different downstream-use analysis.
3. Raw materials and natural gas
The raw-materials segment includes the David J. Joseph scrap brokerage and processing business, direct-reduced iron facilities and natural-gas operations. These are industrial and recycling activities, but their mix and profitability can change with commodity prices and steel-mill demand.
4. Cyclical and environmental exposure
Tariffs, trade policy, energy costs, emissions requirements, environmental regulation, capacity utilization, labor, maintenance and construction demand are material commercial risks. They do not by themselves change the business-activity classification, but they matter to investment diligence.
5. Interest income and purification
Nucor reported $20 million of interest income and $39 million of interest expense in the quarter. Gross interest income is 0.21% of sales. ZakatInvest reports the line transparently and does not impose a fixed purification percentage.
How to Read the Result
NUE passes the examined financial screens, and its core steel and recycling businesses are broadly permissible. The remaining uncertainty is qualitative: general-purpose materials can enter many downstream uses, and steel-cycle volatility can change ratios and investment risk.
Bottom Line
Nucor (NUE) is generally halal under the retained quantitative and qualitative framework. The April 2026 financial ratios pass the examined methods, while downstream end-use, commodity cycles and environmental diligence remain important. Investors should consult a qualified Sharia adviser for a school-specific conclusion.
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