FOR IMMEDIATE RELEASE:
April 26, 2011

American Centrifuge Plant Loan Guarantee Advances to Next Stage

BETHESDA, Md. - USEC Inc. (NYSE: USU) announced today that it had reached a significant step in the Company's application for a $2 billion loan guarantee from the U.S. Department of Energy (DOE) for the American Centrifuge Plant.  DOE's Loan Guarantee Program Office has substantially completed the due diligence and negotiation stage of the application process and has advanced the American Centrifuge Plant application to the next phase.

USEC's application now proceeds with a draft credit package, including the negotiated term sheet, having been submitted on parallel paths to DOE's credit group and to the Office of Management and Budget (OMB) for review, including determination of an estimated preliminary credit subsidy cost range. The term sheet, which was negotiated between DOE's Loan Guarantee Program Office and USEC, includes specific terms and conditions USEC must meet to close on a loan guarantee for the advanced uranium enrichment facility. Following this review and approval by DOE's Credit Review Board, the Secretary of Energy would be positioned to issue a conditional commitment for a loan guarantee. USEC would then work with DOE to conclude final documentation and satisfy all technical, financial and other conditions to funding in order to close on financing and begin drawing funds.

"This is another important step forward for the American Centrifuge Project that moves us closer to getting a loan guarantee," said USEC President and CEO John K. Welch.

"We worked very closely with DOE throughout the process, and I think we have negotiated terms that will enable us to achieve our goals and objectives and provide strong assurance of repayment of a loan," said Welch. "Deployment of this innovative American technology will support thousands of U.S. manufacturing and operations jobs and will contribute to our energy security and national security at a pivotal time for our country."

"More reviews remain before a conditional commitment can be offered, but we have moved to the next stage of the process and now have a path that makes obtaining a conditional commitment by the end of the second quarter possible. We have made it clear to DOE that prompt action is necessary to keep the project on a path for deployment," said Welch. "The establishment of a reasonable range for the credit subsidy cost is also critical."

The terms of USEC's credit facility limits spending on the American Centrifuge Project absent additional investment of capital. The second phase of an investment involving an additional $50 million by Toshiba Corporation (Toshiba) and The Babcock & Wilcox Investment Company (B&W) is conditioned upon receipt by USEC of a conditional commitment by June 30, 2011. USEC anticipates that it will need to obtain the conditional commitment and close on the second phase of the Toshiba and B&W investment during the second quarter of 2011 in order to maintain the current spending level on the American Centrifuge Project while complying with its credit facility covenants. If USEC does not close on the second phase of that investment by June 30, each party has the right to terminate its obligations under the securities purchase agreement. USEC will continue to manage the pace of its investment in the American Centrifuge to maintain adequate liquidity for its business and to ensure that it remains within the American Centrifuge Plant spending limits in its credit facility.

USEC is investing in advanced centrifuge technology to provide a long-term, reliable and secure fuel source for U.S. and international nuclear power plants. As the only domestic enrichment facility using U.S. centrifuge technology, the American Centrifuge Plant will also help to rebuild U.S. nuclear manufacturing capabilities. This multi-year construction project would create nearly 8,000 U.S. jobs in more than ten states.

The American Centrifuge Plant will use USEC's AC100 centrifuge machine, which has been developed and engineered and will be manufactured in the United States. The AC100 design is a disciplined evolution of classified U.S. centrifuge technology originally developed by DOE and successfully demonstrated during the 1980s. USEC has invested approximately $2 billion in the American Centrifuge Project.

Learn more about the American Centrifuge Project at www.americancentrifuge.com.

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

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Forward-Looking Statements

This news release contains "forward-looking statements" - 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 deployment of the American Centrifuge technology, including risks related to performance, cost, schedule and financing; our success in obtaining a loan guarantee from DOE for the American Centrifuge Plant, including our ability to address the technical and financial concerns raised by DOE and the timing of any loan guarantee; timing and the outcome of the reviews of the terms and conditions for a conditional commitment negotiated, including the determination of a preliminary credit subsidy cost range, and our ability to meet any required conditions to funding; our ability to obtain additional financing beyond the $2 billion of DOE loan guarantee funding for which we have applied, including our success in obtaining Japanese export credit agency financing of up to $1 billion; the impact of the demobilization of the American Centrifuge project and uncertainty regarding our ability to remobilize the project and the potential for termination of the project; our ability to meet the November 2011 financing milestone and other milestones under the June 2002 DOE-USEC Agreement; restrictions in our credit facility that may impact our operating and financial flexibility and spending on the American Centrifuge project; risks related to the completion of the remaining two phases of the three-phased strategic investment by Toshiba and B&W, including our ability to satisfy the significant closing conditions in the securities purchase agreement governing the transactions and our ability to close on the second phase of the transactions prior to the outside date of June 30, 2011, and the impact of a failure to consummate the transactions on our business and prospects; changes in U.S. government priorities and the availability of government funding, including loan guarantees; the competitive environment for our products and services; changes in the nuclear energy industry; the impact of the recent natural disaster in Japan on the nuclear industry and on our business, results of operations and prospects; and other risks and uncertainties discussed in our filings with the Securities and Exchange Commission, including our Annual Report on Form 10-K 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:
Media: Paul Jacobson (301) 564-3399
Investors: Steven Wingfield (301) 564-3354