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USEC Reports on Challenging 2011 and Realignment for Future Success

26.04.2012  |  Business Wire


USEC Inc. (NYSE: USU) today held its annual meeting of shareholders and
reported on the challenges the Company faced in 2011 and the steps it is
taking to address them in 2012 as it charts a course for the future.


John K. Welch, USEC president and chief executive officer, said that
last year′s results demanded that USEC′s management team take action and
make fundamental changes to the organization to position the Company to
capitalize on the long-term prospects for nuclear power, which includes
demand from more than 60 new reactors under construction. Meeting that
demand will require USEC to transition from production at the Paducah
Gaseous Diffusion Plant to its American Centrifuge technology.


'Despite near-term challenges and uncertainties, we remain positive
about the longer term prospects for the enrichment sector and the
nuclear industry,? said Welch. 'We remain convinced that the American
Centrifuge technology is our best path to a competitive source of
enrichment that will meet the long-term needs for our customers, while
providing an indigenous capability for U.S. domestic energy and national
security requirements. Meeting those needs through a reliable,
competitive source will, in turn, build long-term value for
shareholders.?


Welch noted that USEC is proceeding with a two-year, cost-sharing
research, development and demonstration program designed to enhance the
technical and financial readiness of the centrifuge technology, which
USEC sees as a bridge to obtaining a U.S. Department of Energy (DOE)
loan guarantee and commercial deployment of the technology.


'We have been encouraged by the Administration′s increasingly visible
support for the essential national security role that both our Paducah
gaseous diffusion plant and the American Centrifuge project play in
providing indigenous U.S. sources to enrich uranium,? said Welch.


Welch said USEC is working with DOE and Congress on legislative and
non-legislative paths for obtaining funding for the RD&D program, which
USEC has funded through the end of May. He noted that both House and
Senate appropriators have included funding for the program in fiscal
2013, but he reiterated that the Company is prepared to demobilize the
project if federal funding for the remainder of fiscal year 2012 is not
secured before May 31.


Welch concluded by highlighting that the Company is in a major
transition to align its workforce with its future business structure,
resulting in a smaller workforce and leaner cost structure. While USEC
is taking a phased approach, he expects further reductions in the months
ahead.


To read a copy of Welch′s complete remarks to shareholders, please go to
Speeches in the Media section of the Company′s website, www.usec.com.


During the meeting, shareholders voted to reelect ten directors for a
one-year term. Director Michael H. Armacost retired from the board and
did not stand for reelection. On behalf of the shareholders, Chairman
James R. Mellor thanked Armacost for his service to the board since 2002.


Shareholders also approved an advisory resolution on executive
compensation, a tax benefit preservation plan and ratified the
appointment of PricewaterhouseCoopers as the Company′s independent
auditors for 2012. The specific voting results will be provided in a
current report on Form 8-K.


USEC Inc., a global energy company, is a leading supplier of enriched
uranium fuel and nuclear industry related services for commercial
nuclear power plants.

Forward-Looking Statements:


This news release contains 'forward-looking statements? within the
meaning of Section 21E of the Securities Exchange Act of 1934 ? that is,
statements related to future events. In this context, forward-looking
statements may address our expected future business and financial
performance, and often contain words such as 'expects?, 'anticipates?,
'intends?, 'plans?, 'believes?, 'will? and other words of similar
meaning. Forward-looking statements by their nature address matters that
are, to different degrees, uncertain. 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 ongoing transition
of our business, including uncertainty regarding the transition of the
Paducah gaseous diffusion plant and uncertainty regarding continued
funding for the American Centrifuge project and the impact of decisions
we may make in the near term on our business and prospects; the impact
of the March 2011 earthquake and tsunami in Japan on the nuclear
industry and on our business, results of operations and prospects; the
impact of excess supply in the market and the lack of uncommitted demand
for low enriched uranium over the next two to four years; the potential
impacts of a decision to cease enrichment operations at Paducah; the
outcome of ongoing discussions with the U.S. Department of Energy
('DOE?) regarding the research, development and demonstration ('RD&D?)
program, including uncertainty regarding the timing, amount and
availability of funding for such RD&D program and the dependency of
government funding on Congressional appropriations; restrictions in our
credit facility on our spending on the American Centrifuge project after
May 31, 2012 and the potential for us to demobilize the project; the
impact of any conditions that are placed on us or on the American
Centrifuge project in connection with or as a condition to the RD&D
program or other funding, including a restructuring of our role and
investment in the project; limitations on our ability to provide any
required cost sharing under the RD&D program; the ultimate success of
efforts to obtain a DOE loan guarantee for the American Centrifuge
project, including the ability through the RD&D program or otherwise to
address the concerns raised by DOE with respect to the financial and
project execution depth of the project, and the timing and terms
thereof; the impact of actions we have taken or may take to reduce
spending on the American Centrifuge project, including the potential
loss of key suppliers and employees, and impacts to cost and schedule;
the impact of delays in the American Centrifuge project and uncertainty
regarding our ability to remobilize the project; the potential for DOE
to seek to exercise its remedies under the June 2002 DOE-USEC agreement;
our dependence on deliveries of LEU from Russia under a commercial
agreement (the 'Russian Contract?) with a Russian government entity
known as Techsnabexport ('TENEX?) and on a single production facility
and the potential for us to cease commercial enrichment of uranium in
the event of a decision to shut down Paducah enrichment operations;
changes in U.S. government priorities and the availability of government
funding, including loan guarantees; and other risks and uncertainties
discussed in our filings with the Securities and Exchange Commission,
including our Annual Report on Form 10-K, which are available on our
website at www.usec.com.
We do not undertake to update our forward-looking statements except as
required by law.


USEC Inc.

Investors:

Steven Wingfield, 301-564-3354

or

Media:

Paul
Jacobson, 301-564-3399



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