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01/21/04
U.S. Government Action Is Restoring Fair Trade in Enrichment Market; Review of USEC Trade Case Indicates French Enricher Is Curtailing Dumping

BETHESDA, Md., Jan 21, 2004 (BUSINESS WIRE) -- U.S. government efforts to reduce the unfair pricing of enriched uranium imports have been effective, according to the preliminary results of an administrative review issued today by the U.S. Department of Commerce. USEC Inc., the only U.S. enricher, said the department's action will benefit the long-term interests of the nuclear industry.

The department's review is focused on antidumping duties on low-enriched uranium (LEU) imports from France. These duties have been in effect since July 2001, when the department made its first dumping finding in the case. The purpose of the review is to determine the magnitude of dumping during the 19-month period (July 13, 2001-January 31, 2003) since the agency first published antidumping duty rates.

In today's preliminary conclusions, the Commerce Department estimated a new antidumping duty rate of 5.34 percent on LEU imported by the French government-owned Eurodif, S.A. However, the current 19.95 percent duty rate remains in effect until the department completes its administrative review and establishes a final rate, expected in May.

"The duties are working," said Timothy B. Hansen, USEC senior vice president and general counsel. "The Commerce Department's preliminary conclusions show less evidence of dumping in the U.S. enrichment market. USEC will continue to work with the department to ensure that dumping is completely halted."

Today's ruling applies only to the antidumping portion of the trade case. Later this month, the department is expected to issue the preliminary results of its administrative reviews of the countervailing duty orders imposed on subsidized LEU imports from Eurodif and the British-Dutch-German consortium, Urenco, Ltd.

USEC Inc. (NYSE:USU), a global energy company, is the world's leading supplier of enriched uranium fuel for commercial nuclear power plants.

SOURCE: USEC Inc.

USEC Inc.
Charles Yulish, (301) 564-3391
Elizabeth Stuckle, (301) 564-3399