Centrus Energy Selects Geiger Brothers as Construction Contractor for Major Uranium Enrichment Plant Expansion

Centrus Energy (NYSE: LEU) selected Geiger Brothers as the construction contractor for its multi–billion–dollar uranium enrichment expansion in Piketon, Ohio, announced April 20, 2026.

Rhea-AI Summary

Centrus Energy (NYSE: LEU) selected Geiger Brothers as the construction contractor for its multi–billion–dollar uranium enrichment expansion in Piketon, Ohio, announced April 20, 2026. Geiger will perform on‑the‑ground construction while Fluor serves as EPC, overseeing engineering, procurement, and supply chain activities.

The project aims to deploy thousands of additional centrifuges to produce LEU and HALEU and emphasizes domestic capacity, Ohio jobs, and potential cost mitigation from the combined Fluor/Geiger structure.

Positive

• Geiger Brothers selected as on‑site construction contractor for Piketon expansion
• Fluor retained as EPC overseeing engineering, procurement, and supply chain
• Project targets thousands of additional centrifuges to produce LEU and HALEU
• Multi–billion–dollar expansion focused on domestic nuclear fuel capacity
• Local job creation and Ohio workforce involvement emphasized

Negative

• None.

Argus Apr 20 session

-1.97% close to close Open Argus

Details

News Market Reaction – LEU

In the Apr 20 session, LEU declined 1.97%, reflecting a mild negative market reaction.

Data tracked by StockTitan Argus on the day of publication.

Market Context

This announcement adds another operational milestone to Centrus’ multi‑billion‑dollar Piketon enrich...

Analysis

This announcement adds another operational milestone to Centrus’ multi‑billion‑dollar Piketon enrichment expansion by naming Geiger Brothers as construction contractor alongside Fluor’s EPC role. It reinforces a strategy of scaling LEU and HALEU output with experienced partners. In context of prior filings outlining large capital plans and an effective S-3ASR shelf, key items to watch include construction progress, cost control, and how future financing choices interact with the existing growth backlog.

Key Figures

Additional centrifuges: Thousands of centrifuges Geiger Brothers founding: 1909 Operating history: More than 100 years +5 more

Additional centrifuges

Thousands of centrifuges

Planned uranium enrichment expansion in Piketon, Ohio

Geiger Brothers founding

1909

Year Geiger Brothers was founded

Operating history

More than 100 years

Geiger Brothers’ construction experience

Current share price

$203.63

Pre-news price on publication date

52-week high

$464.25

Upper end of 52-week trading range

52-week low

$60.52

Lower end of 52-week trading range

Market capitalization

$3,972,635,421

Market cap prior to this news

Shelf reference price

$325.73 per share

Last reported LEU price in S-3ASR summary on Nov 5, 2025

Historical Context

5 past events · Latest: Mar 12

5 events

1. Mar 12

   Cost-savings partnership

   24h Move

   +7.2%

   Palantir partnership targeting nearly $300 million in project cost efficiencies.

2. Mar 09

   Planned JV announcement

   24h Move

   +3.7%

   Planned Oklo joint venture for HALEU deconversion and fuel-cycle services in Ohio.

3. Feb 19

   Market update mention

   24h Move

   +1.1%

   NYSE update spotlighting Centrus’ multi‑billion‑dollar enrichment expansion among key movers.

4. Feb 19

   Leveraged ETF launch

   24h Move

   +1.1%

   Launch of LEUX 2x long ETF tied to Centrus stock performance on Cboe.

5. Feb 18

   Expansion launch event

   24h Move

   +1.1%

   NYSE bell‑ringing to mark start of multi‑billion‑dollar Piketon enrichment expansion.

24h Move is the share-price change in the day after each event; other market factors may also have contributed.

Key Terms

low-enriched uranium, LEU, high-assay, low-enriched uranium, HALEU, +2 more

6 terms

low-enriched uranium technical

"to produce Low-Enriched Uranium (LEU) and High-Assay, Low-Enriched Uranium"

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.

LEU technical

"to produce Low-Enriched Uranium (LEU) and High-Assay, Low-Enriched Uranium"

The leu is the basic unit of money used in Romania and also the name of Moldova’s currency; think of it like the dollar or euro for those countries. For investors, amounts quoted in lei indicate the currency that assets, earnings, or prices are measured in, so exchange-rate moves and local purchasing power directly affect the value of investments when converted to an investor’s home currency.

high-assay, low-enriched uranium technical

"to produce Low-Enriched Uranium (LEU) and 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.

HALEU technical

"to produce Low-Enriched Uranium (LEU) and High-Assay, Low-Enriched Uranium (HALEU)."

HALEU (high-assay low-enriched uranium) is uranium fuel enriched to a higher level than traditional reactor fuel but below weapons-grade, roughly like a higher-octane gasoline for nuclear reactors. It matters to investors because this fuel enables newer, smaller and more efficient reactors to run longer or produce more power from less material, so availability, regulation and production costs can affect utilities, reactor developers and mining companies’ prospects.

centrifuges technical

"deploy thousands of additional centrifuges to produce Low-Enriched Uranium"

A centrifuge is a machine that spins samples at high speed to separate substances of different weight, like separating cream from milk or blood cells from plasma. Investors care because centrifuges are essential tools in labs, hospitals, manufacturing and mining—so demand, shortages, or technological improvements can affect sales, production capacity and research timelines for companies that make or rely on them.

EPC contractor technical

"Fluor Corporation is serving as the project's Engineering, Procurement, and Construction (EPC) contractor."

An EPC contractor is a firm hired to design a project, buy the required equipment and materials, and build it to working order — think of a single company acting like an architect, buyer and builder combined. For investors this matters because EPC contracts usually set fixed prices, schedules and performance guarantees, so the contractor’s ability to deliver on time, on budget and to specifications directly affects project returns, cost risk and cash flow predictability.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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Selection expands Centrus' growing best-in-class partnership network
and provides avenues for potential cost mitigation

BETHESDA, Md., April 20, 2026 /PRNewswire/ -- Centrus Energy Corp. (NYSE: LEU) today announced that it has selected Geiger Brothers, Inc. as the construction contractor for the Company's previously announced, multi–billion–dollar expansion of its uranium enrichment capacity in Piketon, Ohio. This marks another major milestone as Centrus accelerates its effort to deploy thousands of additional centrifuges to produce Low-Enriched Uranium (LEU) and High-Assay, Low-Enriched Uranium (HALEU). Centrus is the only company with deployment-ready technology that can meet both commercial and U.S. national security demands.

As previously announced, Fluor Corporation is serving as the project's Engineering, Procurement, and Construction (EPC) contractor. Fluor is overseeing engineering, design, project management, supply chain activities, and procurement of key materials and services, while crews from Geiger Brothers will conduct the on-the-ground construction work in Ohio. Centrus believes this structure generates efficiencies that could mitigate some project costs.

"Geiger Brothers brings more than a century of experience and a strong Ohio workforce to our project," said Centrus President and CEO Amir Vexler. "Their deep expertise in complex industrial construction, including work across the energy and nuclear sectors, makes them an ideal partner as we scale up production capacity. This partnership is another example of our commitment to bring in lead times and reduce unit costs for our project. With Fluor's global EPC leadership and Geiger's local capabilities, we are assembling a best–in–class team to deliver this expansion safely, efficiently, and on schedule."

A Proven Ohio-Based Construction Leader

Founded in 1909 and headquartered in Jackson, Ohio, Geiger Brothers is a multi–craft, multi–discipline construction and engineering firm with more than 100 years of experience delivering mechanical, electrical, plumbing, fabrication, and industrial construction projects. The company provides integrated construction solutions across Ohio, Kentucky, West Virginia, and Tennessee, and is known for its rigor in safety, quality, and execution. Geiger Brothers' portfolio includes work across energy, infrastructure, industrial, commercial, and nuclear markets. As an employee–owned company, Geiger Brothers emphasizes craftsmanship, responsiveness, and continuous improvement—qualities that align with Centrus' commitment to operational excellence.

Notably, Geiger Brothers served as a key construction partner in the deployment of Centrus' existing HALEU cascade as well as an earlier LEU demonstration cascade which was completed in 2013.

"We are proud to support this historic investment in America's nuclear fuel supply chain," said Erik Massie, President and Chief Financial Officer of Geiger Brothers. "Our roots are in Ohio, and we look forward to contributing to a project that strengthens U.S. energy security, creates local jobs, and bolsters domestic manufacturing."

About the Expansion Project

Centrus' multi–billion–dollar expansion will add thousands of AC100M centrifuges at its American Centrifuge Plant in Piketon, restoring America's ability to enrich uranium at a large scale with domestic technology. Fluor and Geiger Brothers will work alongside Centrus' existing manufacturing and engineering teams to advance the next phase of construction. Centrifuge manufacturing to support the expansion launched in December 2025 at Centrus' centrifuge manufacturing plant in Oak Ridge, Tennessee.

This expanded capacity will support Centrus' $2.3 billion commercial LEU backlog and provide at least 12 metric tons per year of urgently-needed HALEU production capacity. 

About Centrus Energy Corp.

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.

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

 

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SOURCE Centrus Energy Corp.

FAQ

What did Centrus (LEU) announce about the Piketon expansion on April 20, 2026?

Centrus announced it selected Geiger Brothers as the construction contractor for the Piketon expansion. According to the company, Fluor will act as EPC while Geiger handles on‑the‑ground construction for a multi–billion–dollar project.

What role will Geiger Brothers play in Centrus's LEU and HALEU expansion (LEU)?

Geiger Brothers will perform on‑site construction work for the Piketon expansion. According to the company, Geiger brings local Ohio workforce and century‑long industrial construction experience to support deployment.

How does Fluor Corporation participate in Centrus's Piketon project (LEU)?

Fluor is serving as the Engineering, Procurement, and Construction (EPC) contractor for the project. According to the company, Fluor oversees engineering, design, project management, supply chain, and key procurement activities.

What capacity increase is Centrus aiming for with the Piketon expansion (LEU)?

The company aims to deploy thousands of additional centrifuges to produce LEU and HALEU. According to Centrus, this scale supports both commercial supply and U.S. national security needs.

Does the Centrus expansion in Piketon, Ohio, emphasize domestic jobs and manufacturing (LEU)?

Yes. Centrus and Geiger highlighted local workforce participation and domestic manufacturing benefits. According to the company, the project strengthens U.S. energy security and creates Ohio job opportunities.

Will the Centrus structure with Fluor and Geiger affect project costs (LEU)?

Centrus says the Fluor/Geiger structure could generate efficiencies that mitigate some project costs. According to the company, EPC oversight plus local construction execution aims to reduce lead times and unit costs.