FOR IMMEDIATE
RELEASE:
April 24, 2008
USEC Shareholders Hear
Update on American Centrifuge
- 2007 was year of accomplishments for moving American Centrifuge
project forward
- Progress continues as initial AC100 centrifuge design finalized
- Shareholders elect directors, approve amendments
BETHESDA, Md. – John K. Welch, USEC president and chief
executive officer, told shareholders attending the USEC Inc. (NYSE: USU)
annual meeting today that confidence in the performance and reliability of
the American Centrifuge continues to grow as the integrated testing program
delivers consistent results.
USEC is
constructing the American Centrifuge Plant in Piketon, Ohio, and has been
successfully demonstrating this cutting-edge uranium enrichment technology
through an integrated testing program referred to as the Lead Cascade since
August 2007.
"Our
confidence in the performance and reliability of the machines has increased
as the demonstration of the technology through the Lead Cascade testing
program has continued over these past eight months. At the end of March, we
finalized the initial design for the AC100 machine," Welch said.
The
strategic suppliers that USEC is working with on the project are preparing
their manufacturing infrastructure and will be prepared to build 40 to 50
AC100 machines later this year. A cascade of these AC100 centrifuges is
expected to be operational in spring 2009 and will undergo integrated
testing.
"Being
a catalyst for the rebuilding of this manufacturing base in the United States
has been a remarkable experience," Welch said. "While there has
been an upfront cost to this rebuilding process, we believe that over time
this manufacturing base will give USEC a competitive advantage over other
uranium enrichers. Future expansions of the
American Centrifuge Plant will not be encumbered with these startup and demonstration costs. We expect to drive down
costs as we move along the learning curve, and this should dramatically
reduce the future capital cost of our centrifuge machine."
Welch
said, "The ACP is our platform for growth as we continue to be a
reliable and competitive source of nuclear fuel for a growing fleet of
nuclear power reactors. We believe this position in the nuclear fuel cycle
will deliver outstanding value for our investors."
During
the meeting shareholders of USEC voted to elect all 10 incumbent directors to
a one-year term, approved an amendment to the Company charter regarding
foreign ownership of common stock, approved an increase in shares available
for an employee stock purchase plan and ratified the appointment of the
Company's independent auditors.
To read
a copy of Welch's complete remarks to shareholders, please go to Speeches in
the Newsroom section of the Company's website, www.usec.com.
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: the success
of the demonstration and deployment of our American Centrifuge technology
including our ability to meet our performance targets and schedule for the
American Centrifuge Plant; the cost of the American Centrifuge Plant and our
ability to secure required external financial support; changes in existing
restrictions on imports of Russian enriched uranium; 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;
and other risks and uncertainties discussed in our filings with the
Securities and Exchange Commission, including our Annual Report on Form
10-K/A 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.
CONTACT:
Investors:�������� Steven Wingfield (301) 564-3354
Media:������������ Elizabeth Stuckle (301) 564-3399
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