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Clinton Approves $630 Mln to Halt Closing USEC Plant, Post Says
Clinton Approves $630 Mln to Halt Closing USEC Plant, Post Says
Washington, Oct. 7 (Bloomberg) -- USEC Inc., a Bethesda- Maryland-
based processor of uranium for nuclear plants, will get $630 million
from the Clinton administration to halt the closing of its plant in
Piketon, Ohio, the Washington Post reported.
USEC had said lower uranium prices and higher costs would burden the
company with $100 million in operating losses, the newspaper said,
citing company officials.
USEC was created from a federal agency, the U.S. Enrichment Corp., in
1992 and sold shares to the public in 1998.
The action will leave the plant in ``standby'' mode while the
administration funds research and construction of new enrichment
technology, the newspaper said.
USEC, the only uranium enrichment company in the U.S., has insisted
it would continue to be a reliable source of domestic uranium that
the law requires, according to the AP.
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