Latest news with #Henn
NBC News
03-08-2025
- Business
- NBC News
This cookware maker is bracing for steel tariffs behind a wall of pots and pans
Checkbook Chronicles Steel and aluminum tariffs are going to cost Heritage Steel hundreds of thousands of dollars a year. But Danny Henn, who runs the family-owned stainless steel cookware company, says it may have a competitive edge. Aug. 3, 2025, 2:06 PM EDT By Emily Lorsch Heritage Steel, a small, family-owned cookware manufacturer in Clarksville, Tennessee, is expecting to pay hundreds of thousands of dollars in tariffs this year. The company recently received a tariff bill of $75,000 on an order of handles, and the company's vice president of operations, Danny Henn, is anticipating another bill of closer to $200,000 for goods that will likely reach the U.S. this month. 'We're a pretty small business,' Henn said. 'Having that as an additional sort of surprise expense is not insignificant.' But even with that new cost factored in, Heritage Steel believes steel and aluminum tariffs could be good for the business. 'Just from the base economics of it, yes, we have to pay more, but others have to pay a whole lot more,' Henn added. Heritage Steel employs about 40 workers and has more than doubled its revenue since 2018. The company is up 60% in cookware sales since last year. While company leaders now have to rethink pricing and make adjustments in response to President Donald Trump's trade war, Henn said they're feeling optimistic. Business highlights Danny Henn's grandfather Donald Henn was a door-to-door cookware salesman after graduating from college. In 1983, he purchased a factory in Clarksville, Tennessee, and from there was born New Era, which later became Heritage Steel. 'My grandma and grandpa and my parents were always big people about cooking at home. The cookware was always there,' said Henn. From frying pans and skillets to stock pots, saucepans and knives, Heritage Steel sells about 50 different cookware products on its website and Amazon. The company also sells wholesale to independent gourmet retailers. 'We are happy and proud to be an American producer of goods.' Heritage Steel needs three main types of inputs to make its cookware, and about 75% of the company's materials are imported. The most important part and the largest cost is the five-ply cladded body, which includes a combination of stainless steel and aluminum. 'It's very specialized processing that it has to go through to get into this form,' Henn said. 'And so, because it is very specialized, there's not a whole lot of people that do it.' Tariff impacts Heritage Steel imports its cladded steel from South Korea, which will be facing a 15% tariff that Trump announced on Wednesday after the country made 'an offer to buy down' the 25% duty level he had previously set. The company imports its handles, made from pure stainless steel using a process called lost-wax casting, from China. Meanwhile, the company purchases the material for its stainless steel lids in the U.S. Those parts don't have to be cladded and are a more simple single layer of stainless steel that's more widely available. Heritage Steel had previously sourced cladded steel from U.S. vendors, but those providers have since exited the business, according to Henn. 'There's just not enough of a U.S. market for cookware manufacturing of this type … right now. There isn't a viable vendor for us to find.' Since the company only makes a handful of raw-material purchases each year, it typically has a large order coming in all at once, which set up the company nicely when the first 25% tariffs on steel went into effect earlier this year. 'We had a good amount of it,' Henn said, referring to the raw materials, 'so that gave us more time of being able to know we're going to be able to manufacture and sell a bunch of stuff without the tariff cost on it.' Henn said that wasn't a tariff strategy, but instead a benefit of his company's workflow. However, they knew that leeway wasn't going to last forever. Eventually it became time for Heritage Steel to order more materials. That first tariff bill was about $75,000, and Henn is expecting the next to be more than twice as much. Who pays? For Heritage Steel, there was never a doubt it would have to raise prices because of the tariff expenses. The question was how high would they have to go? 'We're happy and proud to be a provider of really high-quality cookware, but one that's more affordably priced than some of the others on the market,' Henn said. 'We want to continue to offer the best price we can, given our constraints.' As of Friday, the company had raised prices by about 15% on all of its products. Heritage Steel explained the increase in an announcement on its website, calling the adjustment 'fairly modest' considering the price of the company's input materials spiked at least 50%. 'Obviously, we can't bear the full impact of these cost increases,' Henn said, 'but we also don't want our customers to bear the full cost.' He expects these changes to negatively impact the company's profit margins, but as of now the extent is unclear. Henn believes the company has more flexibility than a lot of its competitors because Heritage Steel is only importing raw materials, not the full product, and manufactures in the U.S. That's why he expects the overall market disruption could be good for the company. 'They might have to do something closer to a 50% price increase,' he said of his competitors, 'because their entire cost of goods is going up by 50%.' For Heritage Steel, on the other hand, only the price of parts is up 50%, not the full product. Henn said it's all about finding the sweet spot: a fair amount to charge customers to compensate for the new costs while still being a price leader in the market. 'We're just doing our best to do good by our customer, not raise prices too much, do well by our employees, keep paying them well and try to stay competitive within the market.' Even though Henn is optimistic about this potential competitive edge, that doesn't mean he believes the Trump administration's tariffs are the right approach. What makes more sense to him, he said, is a change over a longer period of time. 'If there is something that would have a similar effect of giving incentives to bring more more industry back to the U.S., I think that would likely be a positive,' he said, adding that he believes the intent of the tariffs policy is good. 'The implementation is a little bit rocky,' he said. Henn declined to comment on his political views and whom he voted for in the presidential election. As for other options that could bring down Heritage Steel's tariff bill, that's something being discussed as well. While stainless clad cookware is the company's bread and butter, Henn and his co-owners are exploring a range of possibilities. 'If we had our full wish,' Henn said, 'we would be able to have a fully U.S.-based supply chain for our entire manufacturing process.' Emily Lorsch Emily Lorsch is a producer at NBC News covering business and the economy.
France 24
16-06-2025
- Politics
- France 24
'Very scared': Israelis reel from escalating Iran missile fire
A tangle of metal protruded from the charred section of a high-rise building in Petah Tivka near Tel Aviv, as rescuers wheeled elderly residents away from the damage. One woman's mouth hung open as she was taken away in a wheelchair. "My building got bombed from Iran," Bar told AFP. "It was very scary while I have four children, four boys. We're very scared, but everyone is ok." Inside the building, first responders in orange helmets scoured the blown-out apartments. Debris from the blast littered the ground below, where plastic patio furniture lay overturned. Iran unleashed a missile barrage on Israeli cities after Israel hit deep inside the Islamic republic, pressing a major offensive that began in the early hours of Friday. On the fourth day of the escalating air war, the death toll in Israel rose to 24 after authorities announced on Monday 11 dead. In Iran, officials said the Israeli attacks had killed at least 224 people since Friday. The scenes of devastation witnessed in Petah Tikva on Monday are relatively rare in Israel, whose advanced air defence systems usually intercept incoming threats. The country has long been used to rockets and drones fired by Iran-backed militant groups like Hamas in the Gaza Strip and Lebanon's Hezbollah, but volleys of ballistic missiles launched from the Islamic republic have left the population feeling vulnerable. Since Friday, air raid sirens have sent people across Israel running to bomb shelters on a nightly basis. The latest Iranian attack followed Israeli strikes in central Iran, which Israel's military said targeted surface-to-surface missile launchers. Israel has said that its surprise attack launched on Friday -- after decades of enmity and a prolonged shadow war -- targets Iran's nuclear programme and military facilities. The deaths in Iran have included top military commanders, nuclear scientists and civilians, according to authorities. AFP images showed fires blazing next to gutted buildings and charred cars in the coastal hub of Tel Aviv, after the military warned people to take cover from incoming Iranian missiles. Henn, a Petah Tivka resident who declined to give his last name, said he ran to take shelter after hearing sirens. The 39-year-old said he heard a loud explosion, "and after a few minutes we saw all the damage, all the houses broken". Israeli officials said four people were killed in Petah Tivka and some 35 others taken to hospital with injuries. Families with young children wandered amongst cars whose windows had been smashed by the blast impact.
IOL News
16-06-2025
- Politics
- IOL News
Iran president urges unity as Israeli attacks continue
Smoke billows for the second day from the Shahran oil depot, northwest of Tehran, on June 16, 2025. Image: AFP The Iranian president on Monday urged all citizens to put aside differences and unite against Israel as conflict rages between the two arch-foes. "Every difference, issue, and problem that has existed must be put aside today and we must stand strong against this genocidal criminal aggression with unity and coherence," Masoud Pezeshkian said, addressing parliament. Iran unleashed a missile barrage on Israeli cities Monday after Israeli strikes deep inside the Islamic republic, leaving streets in ruins and the death toll in Israel climbing by 11 amid a spiralling air war. After decades of enmity and a prolonged shadow war, Israel on Friday launched aerial attacks on Iran in a surprise campaign it said was aimed at stopping its arch-foe from acquiring atomic weapons - an allegation Tehran denies. So far, Israel's strikes have killed at least 224 people inside Iran, including top military commanders, nuclear scientists and civilians, according to authorities in the Islamic republic. In retaliation, Iran's Islamic Revolutionary Guard Corps said Monday it had "successfully" struck Israel with a salvo of missiles and warned of "effective, targeted and more devastating operations" to come. The latest Iranian onslaught left a trail of destruction across Israeli cities -- including Tel Aviv, Bnei Brak, Petah Tikva and Haifa - with shattered homes, smouldering wreckage and stunned residents picking through the debris. "We heard a strong bomb," said Henn, a father of four in Petah Tikva. "It was very scary," he told AFPTV. The death toll in Israel rose by 11 on Monday, the prime minister's office said, bringing the total since Friday to 24. The US ambassador to Israel, Mike Huckabee, said the missile barrage also lightly damaged a building used by the American embassy in Tel Aviv. 'I will not leave' Iran's attack followed a wave of intense Israeli air raids that struck targets across the Islamic republic - from the western border with Iraq to the capital Tehran and as far east as Mashhad, where the airport was hit. Despite reports of civilians fleeing Tehran, some vowed to stay. "It is natural that war has its own stress, but I will not leave my city," Shokouh Razzazi, 31, told AFP in the Iranian capital. The rapid escalation has drawn mounting international concern and calls for de-escalation. China urged both sides to "immediately take measures to cool down the tensions" and "prevent the region from falling into greater turmoil". Video Player is loading. Play Video Play Unmute Current Time 0:00 / Duration -:- Loaded : 0% Stream Type LIVE Seek to live, currently behind live LIVE Remaining Time - 0:00 This is a modal window. Beginning of dialog window. Escape will cancel and close the window. 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Text Color White Black Red Green Blue Yellow Magenta Cyan Transparency Opaque Semi-Transparent Background Color Black White Red Green Blue Yellow Magenta Cyan Transparency Opaque Semi-Transparent Transparent Window Color Black White Red Green Blue Yellow Magenta Cyan Transparency Transparent Semi-Transparent Opaque Font Size 50% 75% 100% 125% 150% 175% 200% 300% 400% Text Edge Style None Raised Depressed Uniform Dropshadow Font Family Proportional Sans-Serif Monospace Sans-Serif Proportional Serif Monospace Serif Casual Script Small Caps Reset restore all settings to the default values Done Close Modal Dialog End of dialog window. Next Stay Close ✕ European Commission president Ursula von der Leyen also appealed for calm, saying she had told Israeli Prime Minister Benjamin Netanyahu that "a negotiated solution is, in the long term, the best solution". While critical of Israel's campaign in Gaza, von der Leyen blamed Iran for the latest crisis, citing the UN nuclear watchdog's findings that it was not in compliance with its obligations. "In this context, Israel has the right to defend itself. Iran is the principal source of regional instability," she said. Iran, meanwhile, called on the International Atomic Energy Agency to condemn the Israeli strikes on its nuclear sites. "We expect the (IAEA) Board of Governors and the director general to take a firm position in condemning this act and holding the regime (Israel) accountable," foreign ministry spokesman Esmaeil Baqaei said in Tehran. 'A heavy price' Residential areas in both countries have suffered deadly strikes since the hostilities erupted, with Netanyahu accusing Iran of deliberately targeting civilians. "Iran will pay a very heavy price for the premeditated murder of civilians, women and children," he said while visiting a bombed-out apartment block in Bat Yam. The military said Monday it had destroyed one third of Iran's surface-to-surface missile launchers. In a televised address, Iranian armed forces spokesman Colonel Reza Sayyad vowed a "devastating response" to Israeli attacks. "Leave the occupied territories (Israel) because they will certainly no longer be habitable in the future," he said, adding shelters would "not guarantee security". Addressing Iran's parliament, President Masoud Pezeshkian urged citizens to "stand strong against this genocidal criminal aggression with unity and coherence". 'Make a deal' US President Donald Trump insisted Washington had "nothing to do" with Israel's military campaign but warned any Iranian attack on American interests would trigger "the full strength and might" of the US military. On Sunday, Trump urged both sides to "make a deal" while expressing doubts about near-term peace prospects. "Sometimes they have to fight it out, but we're going to see what happens," he said. A senior US official told AFP Trump had intervened to prevent Israel from carrying out an assassination of Iran's supreme leader, Ayatollah Ali Khamenei. "We found out that the Israelis had plans to hit Iran's supreme leader. President Trump was against it and we told the Israelis not to," said the official, speaking on condition of anonymity. Asked by Fox News whether regime change in Iran was one of Israel's objectives, Netanyahu said: "It certainly could be the result, because the Iran regime is very weak." As hostilities intensified, Iran said it was scrapping planned nuclear talks with the United States, calling dialogue "meaningless" under bombardment. AFP
CBS News
01-05-2025
- Science
- CBS News
Colorado researchers looking into fire mitigation methods for grasslands
Grasslands span from the Great Plains to the foothills of Colorado, and fires are a natural part of the ecosystem. But as more people have moved into these areas, the threat of a wildfire's destruction has prompted local emergency agencies to rethink their strategies. In the wake of the Marshall Fire, city and county leaders in Boulder asked researchers at the University of Colorado about fire behavior. These conversations led to a research effort at the university's Boulder campus that could change how agencies handle fire mitigation in grassland suburban areas. "This fire is critical to the health of these grasslands, essentially, but they do pose risks. So how do you balance that?" said Jonathan Henn, who is a part of the research team. CBS Some key research involves the ecological impact of fires in grasslands as well as its behavior and what mitigation -- like prescribed burns -- could be most effective. "They're very fast fires," Henn explained. "Because there's sort of nothing stopping wind, they're really wind-driven fires." Unlike fires in the forest, where mitigation is typically a once-every-few-years effort, something like a prescribed burn in the foothills or high plains requires a different approach. "In the grasslands, if you reduce the biomass, that might work for a bit. But it's all going to grow back the next year, potentially even more than last year," said Henn. Boulder County was going to conduct some prescribed burns for the research effort in Marshall Mesa back in December but weather issues called it off. They tried again in the spring, only for weather to be an issue again. With the rest of spring and summer ahead, it is likely that any additional prescribed burns would be delayed, but Henn is confident they'll be able to do the research at some point. A big piece of interest for fire agencies is how fast these fires can move in grassland. "It has a really low residence time which is what we call it," Henn told CBS Colorado. "So the fire moves across this really fast because there's not a lot of material to burn. So it burns up fast, there's not a lot of material to burn so you end up with bare ground." While there is still plenty of work to be done, Henn says that the work can be expandable. What works in Boulder could, in theory, work in other foothills communities and even as far out as Great Plains states that are primarily grassland without any elevation changes. "We could have some really good potential expandability to this," he said, "And that's something always in the back of our minds is what are we doing that can be applicable to other communities?"
Reuters
25-03-2025
- Business
- Reuters
Building Wealth: Marc Henn's New Book Asks, 'Are You Playing Small or Taking the Power Plays?'
WEST CHESTER, OH, March 25, 2025 (EZ Newswire) -- Power Plays of the Wealthy: How to Retire Early, Supercharge Your Cash Flow, and Minimize Taxes is the title of Harvest Financial Advisors' founder and CEO Marc Henn 's new book, in which Henn argues that the cards are stacked against members of the middle class who want to attain financial freedom but who don't understand how the wealthy invest. While financial and tax advisors often provide advice focused on investments and tax filing, Marc Henn, a Certified Financial Planner (CFP®) professional, seeks to peel back the curtain to reveal how the wealthy invest across multiple asset classes and strategically layer those investments to minimize taxes, generate cash flow, and build their assets. "These strategies don't have to remain a mystery," Henn explains. "Anyone can use one or all of these strategies to grow their own wealth." Breaking Out of the Middle Class With 35 years of experience in finance, Marc Henn's passion has always been helping others build generational wealth. As a young man, Henn participated in the AT&T Collegiate Investment Challenge, landing among the top 50 participants in the nation. He founded Harvest Financial Advisors in 2008, headquartered in Cincinnati, OH, and for nearly 17 years has served as the firm's CEO. During those years, Henn says, 'I have recognized that the financial industry does a poor job serving clients that have between $10 million and $200 million in assets.' Henn founded Harvest to help transition traditional wealth management clients into multi-family office clients. Many self-made entrepreneurs, small business owners, and successful executives acquire significant wealth without acquiring the investment and tax strategies that the truly wealthy use to maintain and grow their wealth across generations. That's where Henn hopes to make a difference, both with his financial planning firm and his book. The 3 Power Plays of the Wealthy In Power Plays of the Wealthy, Henn draws attention to three overarching strategies that the wealthy employ. The first involves recognizing the five super asset classes that wealthy investors use and the unique tax strategies that come with these. The second is to become a producer first so that you can maximize your cash flow. The third is to minimize your taxes to help you build your financial legacy. 'One strategy the wealthy use are tax incentives to provide services for people, like housing and energy,' Henn shares, '—and this in turn builds more wealth for them. You, as a citizen of this great country, are participating in this whether you choose to or not. Either you are using the financial strategies and tax incentives to build your wealth, or your taxes are used to fund this for others.' Not Just Strategy But Mindset Building wealth requires more than just uncovering these power plays, however. It also requires a particular mindset and a willingness to stay the course with a chosen strategy. One anecdote that Henn shares in his book illustrates how easily fear or greed can derail a great strategy. Marc shares how, when he was nine, President Jimmy Carter's brother, Billy, a man with a more 'colorful' public persona, used his presidential brother's fame to sell many cans of his company's Billy Beer. Henn, despite his young age, was collecting beer cans, and he acquired two Billy Beer cans. When Billy Beer stopped producing in 1978, the price of the cans shot up, and he received an offer of $500 for his two cans. His father advised waiting for a higher price, believing the cans would only increase in value. Unfortunately, Billy Beer cans were not collectibles for very long. The president of a beer can collectibles group declared that the cans were not unique. After that, the Billy Beer cans dropped in value overnight to the price of tin, a few cents per pound. Ruefully, Marc recalls, 'Greed stole $500 from a pre-teen boy in Indiana.' Those who build wealth master a strategy and don't sacrifice it to short-term impulses of fear or avarice. Then, they master another strategy and another after that. Now, Marc Henn hopes that his book, Power Plays of the Wealthy, will provide successful executives and business owners with the tools to do the same, taking their wealth-building to a different level and changing the trajectory of their financial lives and legacies. About Harvest Financial Advisors Harvest Financial Advisors is a team of seasoned professionals committed to helping clients grow, protect, and enjoy their wealth. We always put our clients first and give them personal attention, custom-tailored solutions, and a remarkable range of services. For more information, visit About Marc Henn Marc Henn is the founder and CEO of Harvest Financial Advisors, headquartered in Cincinnati, OH. He is a Certified Financial Planner (CFP®) professional, assisting family office and wealth management clients for over thirty years. Henn is affiliated with the College for Financial Planning and Financial Planning Association (FPA). He is also a Financial Industry Regulatory Authority Arbitrator, a member of the American Numismatic Association, and a former member of the National Association of Forensic Economics and Economics Center for Education and Research. He earned his Bachelor of Science in Economics from Purdue University in 1990. Henn's journey into the finance world began in high school, then progressed as he participated in the AT&T Collegiate Investment Challenge and landed among the top 50 nationwide. He continued to pursue his passion, exploring many aspects of finance until he discovered fee-only financial advising and founded Harvest Financial Advisors in 2008. Media Contact ### SOURCE: Harvest Financial Advisors
