BETHESDA, Md.--(BUSINESS WIRE)--Sept. 18, 2003--USEC Inc. (NYSE: USU) announced today that it has achieved another milestone in its schedule to demonstrate and deploy American Centrifuge advanced uranium enrichment technology--the manufacture of the first centrifuge rotor tube--more than two months ahead of schedule.
"We continue to meet our milestones ahead of schedule as we move toward the demonstration and deployment of what we believe will be the most efficient uranium enrichment technology in the world," said Ron Green, USEC senior vice president. On July 30, 2003, USEC announced that it was accelerating its deployment schedule by one year.
The rotor tube is a long, fast-spinning component of a centrifuge machine, whose performance is critical to the economics of centrifuge technology. Constructed of a lightweight, high-strength material, the rotor tubes will be subjected to extensive functional tests prior to finalizing the American Centrifuge design.
The rotor tube was manufactured at USEC's state-of-the-art Centrifuge Technology Center in Oak Ridge, Tennessee, where a team of scientists, engineers and technicians is working to finalize the centrifuge machine design that will be installed and operated at the American Centrifuge Demonstration Facility in Piketon, Ohio. The demonstration facility is expected to begin operation in 2005 and will yield cost, schedule and performance data before USEC begins construction of a commercial American Centrifuge plant. On its accelerated schedule, USEC has determined that it can gather performance data more quickly in the demonstration phase with significantly fewer machines than the up to 240 machines originally planned. Total estimated costs for the demonstration activities remain at about $150 million.
This news release contains forward-looking information (within the meaning of the Private Securities Litigation Reform Act of 1995) that involves risks and uncertainty, including certain assumptions regarding the future performance of USEC. Actual results and trends may differ materially depending upon a variety of factors, which are described in USEC's periodic filings with the Securities and Exchange Commission. These SEC filings are available on USEC's website www.usec.com.
USEC Inc., a global energy company, is the world's leading supplier of enriched uranium fuel for commercial nuclear power plants.
CONTACT: USEC Inc.
Elizabeth Stuckle, (301) 564-3399
SOURCE: USEC Inc.