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

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.

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.

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USEC

Media: Paul
Jacobson, 301-564-3399

Investors: Steven Wingfield, 301-564-3354

or

Toshiba

Hiroki
Yamazaki +81-3-3457-2105

or

B&W

Media:
Ryan Cornell, 330-860-1345

Investors: Mike Dickerson, 704-625-4944