The U.S. government has completed its $2.4 billion privatization of its uranium-enrichment operations with the sale of Bethesda, MD-based U.S. Enrichment Corp. in an initial public offering, The Wall Street Journal reports. The USEC supplies about 75 percent of the North American market for nuclear power plant fuel and about 40% of the world market.
The Treasury received $1.9 billion from the sale of 100 million USEC shares, which began on July 27. The Treasury also received $500 million in cash, which USEC borrowed from banks, secured by its assets. The government is retaining $1.2 billion in USEC cash deposits held by the Treasury.
President Clinton approved the sale last month despite objections from some critics who said it would pose a risk to national security and the environment.
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