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Munger: USEC cites sunny outlook, despite 1st-quarter loss » Knoxville News S... - 0 views

    "USEC Inc. reported a net loss of $9.7 million in the first quarter, due largely to a decline in enrichment services compared to the same quarter in 2009, but the company is maintaining a positive front - at least in its public statements - on the American Centrifuge Project.

    The new enrichment facility is based at Piketon, Ohio, but the project has a significant impact on Oak Ridge, where much of the advanced centrifuge equipment is being manufactured. Hundreds lost their jobs last year when the project was scaled back, but about 300 people are still employed in Oak Ridge, either directly for USEC or its manufacturing contractor, B&W.

    USEC is still hoping to get about $2 billion in loan guarantees from the U.S. Department of Energy, which initially rejected the company's application and then agreed to work with USEC cooperatively to resolve some technology issues. In a prepared statement, USEC CEO John K. Welch said the plan is to update the application this summer after gaining data from operation of the new AC100 machines, which are running in a commercial configuration at Piketon."
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