"This strong support from our customers speaks volumes about our progress on the American Centrifuge Plant," said John K. Welch, USEC president and chief executive officer. "Clearly, the American Centrifuge Plant will be an important component of the nation's energy security, and the thousands of new jobs we are creating can provide an impetus to America's economic recovery."
"We have confidence in the American Centrifuge technology, and we believe it will be an important player in the future of uranium enrichment," said Christopher M. Crane, president and chief operating officer of Exelon Corporation, the largest operator of nuclear reactors in the United States and USEC's largest customer.
The American Centrifuge Plant, currently under construction in Piketon, Ohio, represents the early commercial use of a new centrifuge technology, and it significantly reduces emissions of air pollutants and greenhouse gases. USEC has invested over $1.2 billion in the plant, including hundreds of millions of dollars to help rebuild portions of America's nuclear industrial manufacturing base. The project is expected to create nearly 8,000 new jobs as manufacturers add new employees across the United States.
USEC is deploying the American Centrifuge technology to provide the dependable, long-term nuclear fuel production capability needed to support the world's nuclear power plants. The American Centrifuge technology is based on U.S. gas centrifuge technology originally developed by the U.S. Department of Energy but with significant design, material and manufacturing improvements incorporated by USEC. As America's only commercial uranium enrichment facility using U.S. centrifuge technology, it will play an important role in America's energy security and national security.
"Customers from Asia, Europe and the United States have voiced their support of the American Centrifuge Plant, and we look forward to providing them with the quality service and reliable supply of fuel they have come to expect from USEC," said John M. A. Donelson, USEC vice president for marketing and sales.
Ichiro Takekuro, executive vice president and chief nuclear officer at Tokyo Electric Power Company, the largest operator of nuclear reactors in Japan, said, "Globally, diversity of supply of enriched uranium is critical to ensuring the nuclear industry can provide customers with clean, safe energy for decades to come. The American Centrifuge Plant will help the nuclear field achieve that goal."
USEC Inc., a global energy company, is a leading supplier of enriched uranium fuel for commercial nuclear power plants.
Forward-looking Statements
This news release contains forward-looking statements (within the meaning of the Private Securities Litigation Reform Act of 1995) that involve risks and uncertainty. For USEC, particular risks and uncertainties that could cause our actual future results to differ materially from those expressed in our forward-looking statements include, but are not limited to: risks related to the deployment of the American Centrifuge technology, including our ability to meet targets for performance, cost and schedule and to obtain financing; our success in obtaining a loan guarantee for the American Centrifuge Plant and the impact of delays in financing on project spending, cost and schedule; changes to, or termination of, our contracts with the U.S. government and changes in U.S. government priorities and the availability of government funding, including loan guarantees; the competitive environment for our products and services, including our ability to secure commitments for the remaining output of the American Centrifuge Plant, and to execute transaction documentation for commitments not yet under contract; and other risks and uncertainties discussed in our filings with the Securities and Exchange Commission, including our Annual Report on Form 10-K and quarterly reports on Form 10-Q, which are available on our website www.usec.com. We do not undertake to update our forward-looking statements except as required by law.
SOURCE: USEC Inc.
USEC Inc.
Investors: Steven Wingfield (301) 564-3354
Media: Elizabeth Stuckle (301) 564-3399