Centrus Energy Corp., which is developing centrifuge technology for future use in enriching uranium for nucelar fuel, has established an advisory board and named five members with backgrounds in business and national security. Here’s the company’s news release on the new board.
There have been multiple reports about potential cutbacks in the Centrus Energy workforce in Oak Ridge, as the Department of Energy pulls back its funding for American Centrifuge. Even before the funding cuts came into focus, Centrus had sent notices to 145 workers in Oak Ridge warning of possible layoffs and even more to employees in Ohio. Since then, DOE has indicated the future emphasis on centrifuge will be on research and testing work done in Oak Ridge, making the Ohio base apparently the most vulnerable. Centrus is managing the American Centrifuge effort under a subcontract to DOE’s Oak Ridge National Laboratory contractor UT-Battelle.
Asked if he could clarify how many jobs, if any, will actually be cut in the Centrus workforce in Oak Ridge, company spokesman Jeremy Derryberry last month provided this statement: Continue reading
The Government Accountability Office today released a 60-page report that outlines the “long and complex” relationship between the Department of Energy and USEC Inc. (now Centrus Energy) since 1998. It details the 23 transactions that have taken place between DOE and the privatized company that took over uranium-enrichment activities in the United States. Those transactions include the three that helped establish USEC as a private company in its early years by transferring enriched uranium and giving the company its initial market value. Continue reading
The decision by the Department of Energy to reduce funding for the American Centrifuge project and emphasize the development work under way at Oak Ridge (while curtailing the cascade operations at Piketon, Ohio) hasn’t clarified Centrus Energy’s layoff plans.
The company recently sent notices to about 380 employees — including 145 workers in Oak Ridge — warning them of possible layoffs due to reduced funding in Fiscal Year 2016. Since then, the funding cuts on American Centrifuge have been ordered — and the stated priority seems to make layoffs in Oak Ridge less likely. Continue reading
Centrus Energy Corp. confirmed Thursday that it had delivered notices to about 380 workers — including 145 in Oak Ridge — warning of possible layoffs over the next couple of months.
Centrus is heading American Centrifuge, a development project that could someday deploy a uranium-enrichment plant to produce fuel for nuclear reactors. Those plans are largely on hold because of market conditions, however, and the company is dependent on funding from the U.S. Department of Energy — which owns the classified technology and wants to keep it available for strategic purposes.
Centrus has been maintaining the centrifuge project under a subcontract to Oak Ridge National Laboratory, which was appointed by DOE to oversee the work. Continue reading
After a week’s vacation, etc., I’m back at work this a.m. and trying to catch up on a few things. Thanks to those who inquired about my well-being or whereabouts.
Centrus Energy Corp., formerly USEC Inc., reported a net income of $297.8 million for 2014, which compared to a net loss of $158.9 million for 2013. The fourth quarter of 2014 had a net loss of $42.3 million, the company said in results released this week.
In a statement, John Castellano, the interim and outgoing president and CEO, made this statement: Continue reading
Former Deputy Energy Secretary Dan Poneman has been chosen as president and chief executive officer of Centrus Energy Corp. (formerly known as USEC Inc.), which has long proposed building a domestic uranium-enrichment plant using advanced centrifuge technology and sought loan guarantees from the Department of Energy.
According to today’s announcement, Poneman will join Centrus immediately and become CEO later this month. He also will be a member of the board of directors.
The 58-year-old Poneman left the federal agency late last year after serving in the deputy secretary role longer than anyone (May 2009 to October 2014). Since then, he has been a senior fellow at Harvard’s Belfer Center for Science and International Affairs. Continue reading
On July 1, Consolidated Nuclear Security — a corporate partnership headed by Bechtel National — took over management of Y-12 and its sister plant, Pantex, in Amarillo, Texas. CNS won the management contract by promising, in part, to save the government about $3 billion over the next decade. Continue reading
As part of the post-bankruptcy shuffling. Centrus Energy Corp. — formerly USEC Inc. — announced that John K. Welch (pictured, left) would step down as president and chief executive officer, effective Oct. 17. John R. Castellano, who served as the chief restructuring officer for USEC for the past year, will serve as the interim president and CEO while the search for Welch’s successor is conducted.
The board of directors elected Mikel H. Williams, 57, as chairman during its Wednesday meeting, Centrus announced. The board has begun the process of selecting the next CEO to replace the 64-year-old Welch. Continue reading
USEC Inc. today emerged from Chapter 11 bankruptcy, now known as Centrus Energy Corp. According to the press statement, the company satisfied all conditions that were set forth in the reorganization plan.
Centrus stock is to begin trading on the New York Stock Exchange today under the ticker symbol LEU. Continue reading
USEC Inc. today announced that its reorganization plan had been confirmed in U.S. Bankruptcy Court and now plans to re-emerge from bankruptcy later this month under the new name of Centrus Energy Corp.
“The confirmation of the Plan of Reorganization is the last major court step in the Chapter 11 bankruptcy process that USEC began March 5, 2014,” the company stated in information distributed to news media and investors. “The Plan received overwhelming support from investors who hold the Company’s convertible notes and preferred equity. The Company anticipates that the Plan will become effective later in September, subject to satisfying all conditions for emergence from bankruptcy established under the Plan.” Continue reading