FOR IMMEDIATE RELEASE:

September 2, 2010

USEC, Toshiba and B&W Close
on First Phase of Strategic Investment

Completes first $75 million of $200 million three-phased investment

Solidifies the strategic relationship between USEC, Toshiba and B&W

Investment receives key regulatory approvals

BETHESDA, Md. – USEC Inc. (NYSE: USU) today closed on the first phase of a strategic investment in the company by nuclear power industry leaders The Babcock & Wilcox Company (NYSE: BWC) and Toshiba Corporation (TOKYO: 6502). This investment of $75 million will be used for continued progress on activities related to the American Centrifuge Plant in Piketon, Ohio and general corporate purposes.

In May 2010, USEC announced that Toshiba Corporation and Babcock & Wilcox Investment Company, an affiliate of The Babcock & Wilcox Company (B&W), signed a definitive agreement to make a $200 million investment in USEC over three phases. Phase one closed today. Closing on phase two of the investment of $50 million will occur when, among other things, USEC secures a conditional commitment on a loan guarantee from the U.S. Department of Energy (DOE). The balance of the investment - $75 million - in phase three is conditioned, among other things, on closing on a $2 billion loan under DOE’s loan guarantee program for the American Centrifuge Plant and USEC shareholder approval of certain matters. At the end of July, USEC submitted a comprehensive update to its application to obtain a DOE loan guarantee.

“This investment is an important vote of confidence by two leaders in the nuclear power industry and will strengthen the deployment of the American Centrifuge Plant,” said John K. Welch, USEC president and chief executive officer. “Further, this is another essential step in the development of a strategic relationship that we believe will create new business opportunities for all three companies as the global fleet of nuclear power reactors grows.”

“As energy needs grow around the world, we are very pleased to expand our role in the nuclear renaissance,” said Yasuharu Igarashi, corporate senior vice president of Toshiba. “Nuclear power is safe and reliable, and it is a key element in the solution to carbon emissions.”

“This investment also initiates the formation of American Centrifuge Manufacturing, a joint venture between B&W and USEC which will provide integrated manufacturing and assembly of centrifuge machines for USEC’s American Centrifuge Plant,” said S. Robert Cochran, President of Babcock & Wilcox Technical Services Group, Inc. “In addition, this investment will allow B&W, Toshiba and USEC to build on their relationship by creating new opportunities for their organizations.”

In connection with their investment, Toshiba and B&W elected two new members to USEC’s Board of Directors. These directors are Hiroshi Sakamoto, senior vice president and board director, Toshiba America Nuclear Energy Corporation, a subsidiary of Toshiba Corporation, and Michael S. Taff, senior vice president and chief financial officer of B&W.

Closing on the first phase of the investment follows a review of the investment by the U.S. Nuclear Regulatory Commission and DOE and, with respect to Toshiba’s investment, by the Committee on Foreign Investment in the United States.

Additional details regarding the investment are described in USEC’s Current Report on Form 8-K filed with the SEC today and can be accessed at www.usec.com.

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Forward-Looking Statements

The information provided in this news release contains “forward-looking statements” – that is, statements related to future events. In particular, this news release contains forward-looking statements with respect to , among other things, the completion of the remaining two phases of the transactions, the American Centrifuge Manufacturing joint venture between B&W and USEC, and the ability of the parties to achieve the benefits of any strategic relationships. Forward-looking statements 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. These forward-looking statements are based on current management expectations and involve a number of risks and uncertainties, including, among other things: risks related to the completion of the remaining two phases of the transactions, including the parties’ ability to satisfy the significant closing conditions in the securities purchase agreement governing the transactions; difficulties in the operation of the American Centrifuge Manufacturing joint venture and the inability to satisfy applicable investment conditions; the ability of the parties to achieve the benefits of any strategic relationships; risks related to the deployment of the American Centrifuge technology, including risks related to performance, cost, schedule and financing; USEC’s success in obtaining a loan guarantee for the American Centrifuge Plant, including USEC’s ability to address the technical and financial concerns raised by the U.S. Department of Energy (“DOE”); USEC’s ability to raise capital beyond the $2 billion of DOE loan guarantee funding for which USEC has applied; the impact of the demobilization of the American Centrifuge project and uncertainty regarding USEC’s ability to remobilize the project and the potential for termination of the project; and USEC’s ability to meet milestones under the June 2002 DOE-USEC Agreement related to the deployment of the American Centrifuge technology. If one or more of these or other risks materialize, actual results may vary materially from those expected. For a more complete discussion of these and other risk factors, please see USEC’s and B&W’s filings with the Securities and Exchange Commission, including USEC’s Annual Report on Form 10-K and quarterly reports on Form 10-Q and B&W’s registration statement on Form 10, as amended. USEC and B&W do not undertake to update its forward-looking statements except as required by law.

FOR IMMEDIATE RELEASE:

May 25, 2010

Toshiba and Babcock & Wilcox
Announce Definitive Agreement to Invest in USEC

Goal Is to Enable Successful Deployment of Leading Edge Uranium Enrichment Technology for Commercial Nuclear Power Plants

-Boost for Nuclear Renaissance; Support for Ohio-based American Centrifuge Project-

WASHINGTON AND TOKYO – In a sign that the future of nuclear energy is bright, USEC Inc. (NYSE: USU), a global nuclear fuel and technology company, today announced that nuclear industry leaders Toshiba Corporation (TOKYO: 6502) and Babcock & Wilcox Investment Company, an affiliate of The Babcock & Wilcox Company (B&W), have signed a definitive agreement to make an investment in USEC over three phases, each of which is subject to satisfaction of specific preconditions, including regulatory approvals. The $200 million investment, shared equally between Toshiba and B&W, will strengthen the deployment of the American Centrifuge Plant and create key new business opportunities throughout the nuclear fuel cycle. Both companies, with their deep experience in the nuclear field, consider the investment agreement as an important strategic initiative.

“We have decided to make this investment in American know-how and American technology in order to produce more uranium fuel for the growing worldwide nuclear power market with high confidence in USEC as a leading supplier of low enriched uranium. Toshiba has intensified its front-end supply chain by executing various programs. Along with these efforts, the investment in USEC will strengthen the nuclear fuel supply chain,” said Yasuharu Igarashi, corporate senior vice president of Toshiba. “The nuclear renaissance is moving forward and this investment will help power its growth by securing the supply of uranium fuel for existing and potential customers.”

Brandon Bethards, president and CEO of B&W, said, “This agreement will allow B&W to explore broader energy opportunities globally through expanded strategic relationships with Toshiba and USEC, as well as further enhance our already-strong relationship with the U.S. Department of Energy. This initiative further solidifies our position as a key contributor to a successful nuclear renaissance.”

USEC Inc. is a leading supplier of enriched uranium fuel for commercial nuclear power plants. USEC 2009 revenues were more than $2 billion.

“This is a new day for USEC in the era of nuclear power, and we’re heartened by these votes of confidence in USEC and the American Centrifuge Project from two global leaders in the nuclear power industry,” said John Welch, USEC president and CEO. “The agreement accelerates our recent momentum and addresses a key issue in our sustained drive to deploy the innovative American Centrifuge technology. The strategic relationship between our companies will also create new business opportunities across the entire nuclear fuel cycle.”

The agreement comes at a time when the federal government is considering issuing a loan guarantee to support completion of USEC’s American Centrifuge Project, a next-generation uranium enrichment facility to be built in Piketon, Ohio. The project is based on the use of highly efficient centrifuges to produce uranium fuel. USEC is operating a cascade of centrifuge machines in a commercial plant configuration, collecting data and experience in preparation for transitioning into full commercial operation. USEC employees in several states are also involved in the design, development, testing and manufacturing of the centrifuge machines. If successful in obtaining a loan guarantee, the American Centrifuge Project could create at the peak of construction nearly 8,000 jobs, with almost half located in Ohio.

The investment is subject to applicable regulatory reviews.

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