Centrus and Fluor Partner to Advance Major Expansion of Ohio Uranium Enrichment Plant

Rhea-AI Summary

Centrus Energy (commercial symbol LEU) has partnered with Fluor (FLR) as EPC contractor to advance a multi-billion-dollar expansion of uranium enrichment capacity in Piketon, Ohio. Fluor will lead engineering, procurement, construction and commissioning to support LEU backlog and planned HALEU and centrifuge manufacturing scale-up.

The project supports a $2.3 billion commercial LEU contingent backlog, a planned 12‑metric‑ton annual HALEU capacity expansion, a $900 million DOE HALEU task order, and a $560+ million Oak Ridge manufacturing investment.

Positive

• Commercial LEU contingent backlog of $2.3 billion
• Received a $900 million Department of Energy HALEU task order
• Planned 12 metric tons annual HALEU capacity and $560M+ manufacturing investment

Negative

• Expansion is multi-billion-dollar in scale, implying significant capital intensity and execution risk
• Large construction and supply-chain scope increases potential schedule and cost-overrun exposure
• Concentration of manufacturing and construction in specific U.S. sites creates localized operational dependency

Key Figures

Commercial LEU backlog: $2.3 billion HALEU capacity plan: 12 metric tons HALEU task order: $900 million +1 more

4 metrics

Commercial LEU backlog $2.3 billion Commercial low-enriched uranium contingent backlog for expansion project

HALEU capacity plan 12 metric tons Planned annual High-Assay, Low-Enriched Uranium capacity for next-gen reactors

HALEU task order $900 million Department of Energy task order awarded in early January 2026

Factory investment More than $560 million Investment to transition Oak Ridge centrifuge factory to high-rate manufacturing

Market Reality Check

Price: $45.67 Vol: Volume 2,210,024 is below...

normal vol

$45.67 Last Close

Volume Volume 2,210,024 is below the 20-day average of 2,524,978 (rel. volume 0.88). normal

Technical Price $48.13 is trading above the 200-day MA of $44.48 and 16.3% below the 52-week high.

Peers on Argus

FLR slipped 0.25% while peers were mixed: KBR -0.79%, DY -0.63%, PRIM +0.13%, RO...

FLR slipped 0.25% while peers were mixed: KBR -0.79%, DY -0.63%, PRIM +0.13%, ROAD +0.82%, IESC +0.88%, suggesting a stock-specific response to the Centrus partnership news rather than a broad sector move.

Historical Context

5 past events · Latest: Jan 08 (Positive)

Pattern 5 events

Date	Event	Sentiment	Move	Catalyst
Jan 08	Project completion	Positive	-2.2%	Mechanical completion of BASF’s large South China Verbund project with strong safety record.
Jan 02	Earnings call notice	Positive	+5.2%	Announcement of date and access details for Q4 2025 earnings conference call.
Dec 09	Mining contract award	Positive	-0.0%	Award of engineering, procurement and construction management work for Teck’s HVC life extension.
Dec 08	LNG project milestone	Positive	-1.4%	Joint venture handover of LNG Canada’s second production train, completing phase one.
Nov 20	Highway project start	Positive	-1.2%	Groundbreaking on 12-mile State Highway 6 expansion project in Texas.

Pattern Detected

Operational wins and project milestones often see flat or negative next-day moves; only the earnings call announcement showed a clearly positive reaction.

Recent Company History

Over the past several months, Fluor has reported multiple large project milestones and awards, including mine life extension work in British Columbia, LNG Canada project progress, and a major highway expansion in Texas. These updates, while operationally positive, often coincided with flat or negative one-day price reactions, as seen after news on Nov 20, Dec 8, Dec 9, and Jan 8. The upcoming earnings call on Feb 17, 2026 previously drove a 5.22% gain, highlighting that scheduled financial events have drawn stronger immediate market interest than individual project wins.

Market Pulse Summary

This announcement highlights Fluor’s selection as EPC contractor for Centrus’s major uranium enrichm...

Analysis

This announcement highlights Fluor’s selection as EPC contractor for Centrus’s major uranium enrichment expansion in Ohio, tied to a $2.3 billion commercial LEU backlog and growing HALEU demand. It follows a $900 million Department of Energy HALEU task order and > $560 million investment in high-rate centrifuge manufacturing. Historically, Fluor’s project wins and milestones have not always driven large immediate price shifts, so investors may watch backlog growth, margin performance, and execution on complex nuclear work.

Key Terms

engineering, procurement and construction, low-enriched uranium, high-assay, low-enriched uranium, national nuclear security administration

4 terms

engineering, procurement and construction technical

"to serve as its Engineering, Procurement and Construction (EPC) contractor as Centrus"

A contract model where a single firm is responsible for designing a project, buying the necessary materials and equipment, and building it to completion — like hiring one general contractor to plan, shop for, and construct a house. Investors care because these contracts concentrate responsibility and risk in one party: a fixed-price, turnkey deal can offer predictable revenue and clearer timelines, but cost overruns, delays or quality problems can directly affect a contractor’s profits and a project owner’s returns.

low-enriched uranium technical

"large-scale production of Low-Enriched Uranium (LEU) to address its substantial"

Low-enriched uranium is uranium that has been processed so the amount of the fissionable isotope U-235 is raised but kept below 20 percent, making it suitable for use as fuel in most commercial nuclear reactors while reducing its usefulness for weapons. Investors care because it is the primary commodity that powers nuclear plants, so its availability, production costs, regulatory controls and geopolitical supply risks directly affect energy companies, utility revenues and firms involved in mining and enrichment — similar to how gasoline supply and price influence transportation businesses.

high-assay, low-enriched uranium technical

"planning on building 12 metric tons of High-Assay, Low-Enriched Uranium (HALEU)"

High-assay, low-enriched uranium (HALEU) is uranium fuel with a higher concentration of the fissile isotope U-235 than conventional reactor fuel but below weapons-grade levels; think of it as a higher-octane version of nuclear fuel. It matters to investors because HALEU is needed for next-generation reactors and certain research or medical applications, creating demand, supply-chain and regulatory risks, and potential long-term revenue opportunities for producers and service providers.

national nuclear security administration regulatory

"was recently notified by the National Nuclear Security Administration of its intent"

A U.S. government agency that manages the safety, security and reliability of the country’s nuclear weapons and related technologies, and oversees nuclear nonproliferation and naval reactor programs. Think of it as the nation’s custodian and safety inspector for sensitive nuclear assets; its policies, budgets and contract awards can directly affect defense and energy companies, supply chains, and government spending that investors watch for revenue and risk signals.

AI-generated analysis. Not financial advice.

Strategic partnership with best-in-class EPC demonstrates Centrus' commitment to operational excellence

BETHESDA, Md., Feb. 11, 2026 /PRNewswire/ -- Centrus Energy (NYSE: LEU) today announced that its subsidiary, American Centrifuge Operating, LLC, has agreed to a strategic collaboration with Fluor (NYSE: FLR) to serve as its Engineering, Procurement and Construction (EPC) contractor as Centrus proceeds with its previously announced multi-billion-dollar expansion of its uranium enrichment capacity in Piketon, Ohio. 

"This is another critical milestone for us as we begin our expansion in earnest," said Centrus President and CEO Amir Vexler.  "Fluor is a global leader with decades of experience managing complex nuclear construction projects and is an ideal partner as we transition to a large-scale deployment.  With centrifuge manufacturing already underway, we are moving full-speed ahead with our expansion."

"The addition of Fluor's extensive experience in launching and supporting large-scale, complex, industrial build outs will empower our major expansion in Ohio," said Centrus Senior Vice President, Field Operations Patrick Brown. "We look forward to this collaborative effort and the opportunities working with a best-in-class EPC will afford Centrus going forward."

"We are proud of our long-term relationship with Centrus and are honored to be partnering with them on a project of profound importance to our energy security and national security," said Al Collins, Business Group President, Mission Solutions.  "We look forward to working with Centrus to restore the United States' ability to enrich uranium at large-scale while fortifying its supply chain and creating local jobs."

Under the multi-year contract, Fluor will lead engineering and design of the expanded capacity in Ohio, manage the supply chain and procurement of key materials and services, oversee construction at the site, and support the commissioning of the new capacity.

The expansion project includes large-scale production of Low-Enriched Uranium (LEU) to address its substantial commercial LEU enrichment contingent backlog of $2.3 billion and growing demand from existing reactors.  The company also recently announced that it is planning on building 12 metric tons of High-Assay, Low-Enriched Uranium (HALEU) annual capacity for next-generation reactors. In addition, Centrus is the only production-ready option for national security missions and was recently notified by the National Nuclear Security Administration of its intent to sole source certain uranium enrichment activities from Centrus.

In December 2025, Centrus launched centrifuge manufacturing to support this expansion, and in early January 2026 the Department of Energy selected Centrus for a $900 million HALEU task order. Later in January, Centrus announced that it is investing more than $560 million to transition its advanced centrifuge factory in Oak Ridge, Tennessee, to high-rate manufacturing. 

About Centrus

Centrus Energy is a trusted American supplier of nuclear fuel and services for the nuclear power industry, helping meet the growing need for clean, affordable, carbon-free energy. Since 1998, the Company has provided its utility customers with more than 1,850 reactor years of fuel, which is equivalent to more than 7 billion tons of coal.

With world-class technical and engineering capabilities, Centrus is pioneering production of High-Assay, Low-Enriched Uranium and is leading the effort to restore America's uranium enrichment capabilities at scale so that we can meet our clean energy, energy security, and national security needs. Find out more at www.centrusenergy.com or follow us on LinkedIn and X.

Forward Looking Statements

This news release contains "forward-looking statements" within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, and the Private Securities Litigation Reform Act of 1995. In this context, forward-looking statements mean statements related to future events, which may impact our expected future business and financial performance, and often contain words such as "expects", "anticipates", "intends", "plans", "believes", "will", "should", "could", "would" or "may" and other words of similar meaning. These forward-looking statements are based on information available to us as of the date of this news release and represent management's current views and assumptions with respect to future events and operational, economic and financial performance. Forward-looking statements are not guarantees of future performance, events or results and involve known and unknown risks, uncertainties and other factors, which may be beyond our control.

For Centrus Energy Corp., particular factors that involve uncertainty and could cause our actual future results to differ materially from those expressed in our forward-looking statements and which are, and may be, exacerbated by any worsening of the global business and economic environment include but are not limited to the following: the war in Ukraine and other geopolitical conflicts; restrictions on imports and exports, including those imposed under the RSA, and related international trade legislation; our government contracts, including related to changes to the U.S. government's appropriated funding levels for HALEU and the government's inability to satisfy its obligations, our lease to our facility in Piketon, Ohio, and our receipt of additional task orders under the HALEU Production Contract, LEU Production Contract and HALEU Deconversion Contract and, if awarded, the nature, timing and amount thereof; whether or when government demand for HALEU or LEU for government or commercial uses will materialize and at what level; the impact and potential extended duration of a supply/demand imbalance in the market for LEU; significant competition from major LEU producers, including foreign competitors, who may be less cost sensitive then we are; limitations on our ability to compete in foreign markets; pricing trends and demand in the uranium and enrichment markets, especially in light of the potential of limited supply and our dependence on others for deliveries of LEU; and our ability to successfully implement our planned expansion projects in Piketon, Ohio and Oak Ridge, Tennessee.

Readers are cautioned not to place undue reliance on these forward-looking statements, which apply only as of the date of this news release. These factors may not constitute all factors that could cause actual results to differ from those discussed in any forward-looking statement. Accordingly, forward-looking statements should not be relied upon as a predictor of actual results. Readers are urged to carefully review and consider the various disclosures made in this news release and in our filings with the SEC, including our most recent Annual Report on Form 10-K, under Part II, Item 1A - "Risk Factors" in our subsequent Quarterly Reports on Form 10-Q, and in our other filings with the SEC that attempt to advise interested parties of the risks and factors that may affect our business. We do not undertake to update our forward-looking statements to reflect events or circumstances that may arise after the date of this news release, except as required by law.

Contacts:
Investors: Neal Nagarajan NagarajanNK@centrusenergy.com
Media: Dan Leistikow LeistikowD@centrusenergy.com 

 

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SOURCE Centrus Energy Corp.

FAQ

What will Fluor (FLR) do under the Centrus expansion in Piketon, Ohio?

Fluor will serve as EPC contractor, leading engineering, procurement, construction and commissioning. According to the company, Fluor will manage supply chains, oversee site construction, and support start-up of expanded enrichment capacity under a multi-year contract.

How large is Centrus' commercial LEU backlog mentioned in the Feb 11, 2026 announcement?

Centrus reports a commercial LEU contingent backlog of $2.3 billion. According to the company, this backlog underpins demand for the Piketon expansion and supports the scale-up of centrifuge manufacturing and enrichment output.

What federal funding or contracts support Centrus' HALEU plans as of Feb 2026?

Centrus was selected for a $900 million Department of Energy HALEU task order. According to the company, this DOE award is a major source of funding tied to HALEU production for next‑generation reactors.

What HALEU production capacity is Centrus planning and when will manufacturing scale up?

Centrus plans to build 12 metric tons annual HALEU capacity for next-generation reactors. According to the company, centrifuge manufacturing launched December 2025 and Oak Ridge investment aims to scale high-rate production.

How might the Fluor partnership affect Centrus' project execution and local jobs in Ohio?

The Fluor partnership intends to strengthen project execution through EPC expertise and supply-chain management. According to the company, the collaboration is expected to support large-scale construction, fortify supply chains, and create local job opportunities in Ohio.