BETHESDA, Md.--(BUSINESS WIRE)--June 1, 2006--The U.S. Department of Commerce (DOC) issued a final ruling yesterday that unfair dumping of uranium products would likely occur again in the United States if the existing Russian suspension agreement is terminated. The department analyzed the U.S. uranium market as part of a "sunset review" conducted every five years of the Russian suspension agreement that limits imports of Russian uranium products into the United States.
The Department of Commerce's ruling is in line with its preliminary ruling made March 24, 2006, that terminating the suspension agreement would result in a recurrence of dumping. USEC believes that terminating the suspension agreement would undermine the Company's commitment to sell low-enriched uranium under the separate Megatons to Megawatts program that has eliminated Russian weapons-grade material equivalent to more than 10,500 nuclear warheads.
USEC sees the Department of Commerce's ruling as an important step toward maintaining stability in the marketplace for uranium and uranium enrichment. That stability is vital for new, more efficient domestic enrichment facilities to be financed and built. Russia will continue to enjoy a significant market share of the low-enriched uranium that fuels many of America's nuclear reactors through the Megatons to Megawatts non-proliferation program.
To keep the suspension agreement in place, the U.S. International Trade Commission (ITC) must also determine that terminating the agreement would lead to a recurrence of material injury to the U.S. uranium industry. The ITC recently heard testimony from interested parties, including USEC, and is expected to issue its ruling in July.
A copy of the Department of Commerce's ruling is expected to be published in the Federal Register next week and may be obtained at that time from the department's website: http://ia.ita.doc.gov/frn
USEC Inc. (NYSE:USU), a global energy company, is a leading provider of enriched uranium fuel for commercial nuclear power plants.
CONTACT: USEC Inc.
Media: Elizabeth Stuckle, 301-564-3399
Investors: Steven Wingfield, 301-564-3354
SOURCE: USEC Inc.