USEC Inc. (USU) Inks Deal with Department of Energy
USEC Inc. (NYSE: USU) ended Wednesday’s trading session at $0.95, up from its previous close of $0.76. The stock traded in the range of $0.94 and $1.14 during the session. USEC had opened the session at $0.97. The stock has been trading in the range of $0.64 and $3.61 during the previous 52 weeks time period.
USEC announced that it has received $280 million worth of investment from the Department of Energy for its next-generation uranium plant in Ohio. The company will also inject an additional $70 million into the project. Both the parties will make an outlay of $110 million to keep the project afloat till November.
In lieu to its investment, the government will now own the company’s existing and new equipments. The government will make these equipments available to the company on lease basis. Once the plant is successfully deployed on commercial basis, the equipment ownership will revert back to the company. USEC suffered a major loss last quarter. It had to slash jobs to cut costs.
USEC is an energy company and is in the business of supplying low enriched uranium. The company is mainly operational in Japan and the United States. The company was formed in 1993 and is based out of Bethesda, Maryland.
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