BETHESDA, Md.--(BUSINESS WIRE)--July 18, 2006--The U.S. International Trade Commission (ITC) ruled today that terminating the antidumping suspension agreement that limits imports of Russian uranium products would materially injure the U.S. uranium industry. By a 4-1 vote, the ITC found that lifting the 1992 Russian suspension agreement would likely cause material injury to domestic producers which include, among others, USEC Inc. (NYSE:USU), the only U.S. producer of enriched uranium fuel for nuclear power plants; ConverDyn, the sole U.S. uranium converter; and Power Resources and Crow Butte Resources, the two largest uranium mining companies in the United States.
Today's decision complements a May 31 decision by the U.S. Department of Commerce (DOC) that unfair dumping of Russian uranium products would likely recur if the Russian suspension agreement were terminated. The ITC and DOC analyzed the U.S. uranium market as part of a "sunset review" of the Russian suspension agreement conducted every five years. Today's ITC decision, which will be available at www.usitc.gov early next month, is the last step in the current "sunset review" for maintaining the existing suspension agreement. However, interested parties who participated in a "sunset review" can appeal the decision of the DOC or ITC.
"We're pleased that the U.S. government agrees that lifting the agreement that limits Russia uranium imports would undermine the domestic production of enriched uranium and the deployment of new uranium enrichment capacity," USEC President and CEO John K. Welch said. "Today's International Trade Commission ruling is an important step in maintaining a stable nuclear fuel market, which the United States needs in order to invest in advanced uranium enrichment technologies and build new domestic uranium enrichment facilities that will help fuel this country's nuclear renaissance.
"For over a decade, the Russian suspension agreement has allowed the United States to absorb massive quantities of Russian weapons-derived nuclear fuel while at the same time limiting unfair Russian imports that would have harmed the American uranium industry," Welch said. "The agreement is critical to the continued success of the U.S.-Russian Megatons to Megawatts nonproliferation program that has eliminated the equivalent of 11,000 Russian nuclear warheads to date. Russia will continue to enjoy a significant share of U.S. market through the weapons-derived uranium fuel that is sold to America's nuclear power plants under the Megatons to Megawatts program."
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.