BETHESDA, Md. - USEC Inc.’s American Centrifuge program is gaining momentum, and the Company is working to deploy its advanced uranium enrichment technology “as rapidly as possible,” USEC Vice President of Marketing and Sales Robert Van Namen told a conference of nuclear industry leaders today.

In a speech before the Nuclear Energy Institute in Baltimore, Van Namen said USEC (NYSE: USU) is focused on building and operating a new commercial enrichment plant by the end of the decade. Additionally, he said the Company is ahead of schedule on licensing its American Centrifuge Demonstration Facility, to be sited in Piketon, Ohio. The facility is expected to be on line by 2005 and will yield important cost, schedule and performance data. “We expect American Centrifuge technology to be the most efficient uranium enrichment technology in the world,” Van Namen said.

Recent developments signal a bright future for the industry, Van Namen explained. More than 30 reactors are under construction worldwide; 30 U.S. nuclear plants have either received or await approval for 20-year license extensions; nuclear plants are achieving record-high operating efficiency; and federal legislation has been enacted to construct a central storage facility for disposition of spent nuclear fuel.

The American Centrifuge technology’s efficiency and flexibility will enable it to meet the needs of this growing and evolving industry, Van Namen said. He noted that the modular technology can be expanded to meet growing demand as well as deliver a wide range of uranium enrichment levels to meet the requirements of emerging nuclear technologies.

USEC is developing its American Centrifuge technology in a phased approach, with the demonstration stage to precede deployment of a commercial plant. Last month, the U.S. Nuclear Regulatory Commission (NRC) formally accepted the license application for USEC’s demonstration facility. The NRC anticipates concluding its technical review by February 2004. “Building on a successfully demonstrated technology lessens the financial risks involved in deployment,” Van Namen said.

In closing, Van Namen told the industry that USEC would continue to be “a responsive, reliable and efficient supplier” with an eye toward growth and diversification to strengthen its business.

The complete text of Van Namen’s speech, “American Centrifuge – The Road to Market,” can be found in the News section of USEC’s website, www.usec.com.

This news release contains forward-looking information (within the meaning of the Private Securities Litigation Reform Act of 1995) that involves risks and uncertainty, including certain assumptions regarding the future performance of USEC. Actual results and trends may differ materially depending upon a variety of factors, including, without limitation, market demand for USEC’s products, pricing trends in the uranium and enrichment markets, deliveries under the Russian Contract, the availability and cost of electric power, implementing agreements with the Department of Energy regarding uranium inventory remediation and the use of advanced technology and facilities, satisfactory performance of the centrifuge technology at various stages of demonstration, USEC’s ability to successfully execute its internal performance plans, the refueling cycles of USEC’s customers, final determinations of environmental and other costs, the outcome of litigation, and the impact of any government regulation. Revenue and operating results can fluctuate significantly from quarter to quarter, and in some cases, year to year.

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

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