This Day On The Street
Continue to site right-arrow
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
Stocks Under $10 with 50-100% upside potential - 14 days FREE!

USEC Provides American Centrifuge Update

Stocks in this article: USU

USEC Inc. (NYSE:USU) today provided an update on the American Centrifuge project and the ongoing cooperative research, development and demonstration (RD&D) program. USEC is successfully executing the RD&D program with the Department of Energy (DOE) to reduce the technical risks and improve the future prospects of commercial deployment of the American Centrifuge technology.

During the RD&D program we have built plant control systems, assembled AC100 centrifuge machines and conditioned the machines with uranium gas in our existing lead cascade. Importantly, the RD&D program continues to operate on schedule and on budget. The company has taken a non-cash charge of approximately $1.1 billion for previously capitalized costs related to the American Centrifuge project during the period of 2007 through late 2011. This action has no effect on the RD&D program or the assets that have been transferred to DOE. More information on the non-cash charge is contained in our annual report on Form 10-K filed with the Securities and Exchange Commission and posted on our website.

“We’ve seen solid performance from our team working on the RD&D program and the program remains on budget and on schedule,” said John K. Welch, USEC chief executive officer and president. “We are pleased to see continued broad-based, bipartisan support for the American Centrifuge project due to its importance in meeting national and energy security goals, and the opportunity to create more jobs.”

Welch added, “Our American Centrifuge team is on track to meet program goals and we remain committed to moving forward with commercialization of the technology. We believe that is the path to USEC’s long-term competitiveness in the uranium enrichment business and the best way to maximize value for all stakeholders.”

The RD&D program is being conducted under our Lead Cascade license issued by the U.S. Nuclear Regulatory Commission. We have operated centrifuges as part of our lead cascade test program for more than one million machine hours since August 2007. Through the lead cascade test program, we demonstrate the performance of centrifuge machines, demonstrate the reliability of machine components, obtain data on machine-to-machine interactions, verify cascade performance models under a variety of operating conditions, and obtain operating experience for our plant operators and technicians.

1 of 6

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!

Markets

DOW 17,804.80 +26.65 0.15%
S&P 500 2,070.65 +9.42 0.46%
NASDAQ 4,765.38 +16.9840 0.36%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs