BETHESDA, Md. - The U.S. International Trade Commission (ITC) ruled today that termination of an antidumping suspension agreement that limits imports of unfairly priced Russian uranium into the United States would significantly harm the U.S. uranium industry. In a 5-0 vote, the ITC found that lifting the 1992 Russian suspension agreement would likely lead to material injury to the uranium industry, which includes USEC, concentrate producers and ConverDyn, the sole U.S. converter.

"The ITC’s decision is important for maintaining a viable domestic nuclear fuel industry," said USEC President and CEO William H. Timbers. "We have long contended that terminating the Russian suspension agreement would undermine the domestic industry. We’re pleased that the Commission agreed. The suspension agreement has been critical to the success of the Megatons to Megawatts program, and we are particularly pleased with the role that it has played in implementing this important national security and nonproliferation initiative."

Today’s ruling complements a June 28 U.S. Department of Commerce decision, which held that dumping of uranium, including enriched uranium, would likely recur if the suspension agreement were terminated. The ITC’s decision was the final step in sustaining the agreement.

The ITC decision concludes the agency’s "sunset review" of the agreement that it initiated last August. The agreement, which suspended a 1991 antidumping investigation, limits imports of Russian uranium products except where matched with new U.S. production or delivered under certain contracts in existence at the time the suspension agreement was signed. However, it does permit imports of enriched uranium derived from nuclear weapons under the 1993 Megatons to Megawatts program with Russia, in which USEC serves as the U.S. Executive Agent.

"Since it was signed in 1992, the suspension agreement has helped ensure that Russian products are introduced in a responsible and non-disruptive manner, primarily through the Megatons to Megawatts program and matched sales," said Philip G. Sewell, USEC’s vice president of corporate development and international trade. "These two mechanisms have given Russia access to the U.S. market without negatively impacting market prices."

In related action today, the ITC voted to terminate an antidumping suspension agreement with Uzbekistan that limited imports of Uzbek uranium products and an antidumping order that imposed significant tariffs on imports of Ukrainian uranium products. The agreement and order will terminate within the next 30 days.

"Neither Ukraine nor Uzbekistan produce enriched uranium and therefore the ITC’s actions will not result in additional imports of enriched uranium," Sewell said. "Still, we are concerned about the decision’s impact on our colleagues in the U.S. mining and conversion industries. We trust the U.S. government will continue to monitor imports from these countries to ensure that they do not destabilize the natural uranium market."

USEC Inc. (NYSE: USU), a global energy company, is the world’s leading supplier of enriched uranium fuel for commercial nuclear power plants.

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