Centrus Details Plans to Add At Least 300 New Jobs in Southern Ohio With Multi-Billion-Dollar Investment
Rhea-AI Summary
Centrus Energy (NYSE American: LEU) has announced a major expansion of its uranium enrichment facility in Piketon, Ohio. The multi-billion-dollar investment is expected to create 1,000 construction jobs and 300 new operations jobs while retaining 127 existing positions.
The company has raised over $1.2 billion through convertible note transactions and secured more than $2 billion in contingent purchase commitments from utility customers. Centrus has submitted proposals to the U.S. Department of Energy for funding to expand domestic production of Low-Enriched Uranium (LEU) and High-Assay, Low-Enriched Uranium (HALEU).
As the only active enricher using American technology, Centrus manufactures centrifuges exclusively in the United States, with a supply chain spanning 14 major suppliers across 13 states. The company has partnered with Korea Hydro & Nuclear Power and POSCO International for potential investment in the project.
Positive
- Creation of 1,000 construction jobs and 300 new operations jobs while retaining 127 existing positions
- Secured over $1.2 billion in convertible note transactions
- Obtained more than $2 billion in contingent purchase commitments from utility customers
- Only active uranium enricher using 100% American technology and manufacturing
- Strategic partnerships with Korea Hydro & Nuclear Power and POSCO International
- Nationwide manufacturing supply chain across 13 states
Negative
- Expansion plans contingent on securing U.S. Department of Energy funding approval
- Project requires significant public funding alongside private investment
- No state of Ohio or JobsOhio grants, loans, or tax credits planned
News Market Reaction – LEU
In the Sep 25 session, LEU gained 13.11%, reflecting a significant positive market reaction. Argus tracked a peak move of +26.6% during that session. Argus tracked a trough of -3.0% from its starting point during tracking. Our momentum scanner triggered 112 alerts that day, indicating very high trading interest and price volatility. Trading volume was above average at 2.0x the daily average, suggesting increased trading activity.
Data tracked by StockTitan Argus on the day of publication.
AI-generated analysis. How Rhea-AI works. Not financial advice.
Hiring Underway In Advance of Federal Funding Decisions
High-Resolution Images and B-roll Available
"The time has come to restore America's ability to enrich uranium at scale," said Centrus CEO Amir Vexler. "We are planning a historic, multi-billion-dollar investment right here in
The project is also expected to support hundreds of jobs at Centrus' centrifuge manufacturing plant in
JobsOhio and OhioSE will be long-term partners to Centrus as the company ramps up recruiting and hiring to fill the 300 operations jobs this project is expected to create. The company will discuss the announcement today at the Ross County Employment Expo in
"Centrus' commitment to expand and upgrade its
A Multi-Billion-Dollar Expansion
In anticipation of the expansion, Centrus raised more than
Centrus recently submitted proposals to the
"Today's announcement is critical, not just for the people of
American Technology, Built by American Workers
Almost 100 percent of the world's enrichment capacity belongs to foreign, state-owned enterprises; those companies use centrifuge technologies exclusively manufactured overseas. Centrus is the only active enricher that uses American technology and manufactures centrifuges and supporting equipment exclusively in
"In step with President Trump, Centrus is restoring American energy dominance, bringing back energy independence, and creating good American jobs to put our talented workforce to work," said
The company will manufacture its centrifuges in
"America is becoming more reliant on nuclear energy, and Centrus is the only American-owned uranium enrichment facility that fuels nuclear power," said Lt. Governor Jim Tressel. "This is great news for America and will create jobs and opportunity in
The JobsOhio Talent Acquisition Services team is working in partnership with Centrus to support the company's overall talent strategy. Tactics could include talent attraction campaigns and pipeline development efforts through marketing, recruitment and training initiatives for operators and technicians. There are no state of
"Centrus'
Centrus has already begun hiring in anticipation of the expansion and is partnering with JobsOhio to identify and recruit potential job applicants.
"The investment and job creation that Centrus has announced will provide amazing opportunities in the southern portion of the OhioSE region," said Matt Abbott, OhioSE President and CEO. "We are pleased to be a part of this monumental project."
What They Are Saying:
"Centrus' major investment in
– State Senator Brian Chavez, Senate Energy Committee Chairman
"Thank you to Centrus Energy Corp. for the vital and forward-looking endeavor for
– State Senator Shane Wilkin
"Congratulations and thank you to Centrus for their investment in southern
– State Representative Adam Holmes, Chairman, Ohio House Energy Committee.
"
– State Representative Bob Peterson
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.
About JobsOhio
JobsOhio,
Centrus has provided a collection of high-resolution images and b-roll for media use.
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: geopolitical conflicts, including the war in
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: | |
Centrus (Media): | Dan Leistikow, LeistikowD@centrusenergy.com |
Centrus (Investors): | Neal Nagarajan, NagarajanNK@centrusenergy.com |
JobsOhio: | Matt Englehart, 614.300.1152 and englehart@jobsohio.com |
OhioSE: | Sarah Arnold, 740.525.5510 and sarah@ohiose.com |
View original content to download multimedia:https://www.prnewswire.com/news-releases/centrus-details-plans-to-add-at-least-300-new-jobs-in-southern-ohio-with-multi-billion-dollar-investment-302566726.html
SOURCE Centrus Energy Corp.