BETHESDA, Md. - Today, the privatization of USEC was completed with the transfer of the federal government's entire ownership in USEC to the private sector.

The government received approximately $1.9 billion from the sale of USEC, which included the proceeds from the sale of equity securities, plus $500 million in cash from a USEC borrowing in the bank market. In addition, the government retained approximately $1.2 billion in cash from USEC's bank account at Treasury. USEC Inc. shares began trading on the New York Stock Exchange on July 23, with 100 million shares priced at $14.25 per share. The company's shares trade under the stock symbol "USU."

In 1992 and 1996, the Congress, with bipartisan support, created USEC and put it on the road to privatization. With privatization plans approved by the President, the final phase began in January 1998 and culminates today in the closing of the sale of USEC.

The new Board of Directors, headed by Chairman James R. Mellor, today assumes corporate governance responsibilities, replacing the previous federal Board, chaired by William J. Rainer, which had completed its duties.

USEC Inc., a global energy company, currently has approximately a 75% share of the North American uranium enrichment market and a 40% share of the world market. Uranium enrichment is a crucial step in transforming natural uranium into fuel for nuclear reactors to produce electricity. The company supplies enriched uranium to approximately 60 customers to use in 176 nuclear reactors located in 14 countries throughout the world.

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