ML20237C467

Advises That NRC Completed Foreign Ownership,Control or Influence Review of Us Enrichment Corp Submission for Privatization Through Use of Initial Public Offering of Common Stock

ML20237C467
Person / Time
Site:	Portsmouth Gaseous Diffusion Plant, 07007001
Issue date:	08/18/1998
From:	Springer M NRC OFFICE OF ADMINISTRATION (ADM)
To:	John Miller UNITED STATES ENRICHMENT CORP. (USEC)
References
NUDOCS 9808210195
Download: ML20237C467 (2)

Text

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• August 18, 1998 l

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Mr. James H. Miller Vice President, Production N- 7prpy United States Enrichment Corporation Two Democracy Center 6903 Rockledge Drive Bethesda, Maryland 20817

SUBJECT:

FOREIGN OWNERSHIP, CONTROL OR INFLUENCE APPROVAL FOR THE PRIVATIZATION OF THE UNITED STATES ENRICHMENT CORPORATION THROUGH AN INITIAL PUBLIC OFFERING OF STOCK

Dear Mr. Miller:

This letter is to advise you that the Nuclear Regulatory Commission (NRC) has completed its Foreign Ownership, Control or influence (FOCl) review of the United States Enrichment Corporation's (USEC) submission for privatization through the use of an Initial Public Offering (IPO) of common stock. Our finding indicates that based on the information submitted by USEC on July 9,1998, and supplemented on July 24,1998, there are no FOCl concems at this time. Therefore, the NRC hereby grants a FOCl approval for the newly formed USEC inc., and its two subsidiaries USEC - Private and USEC Services Corporation subject to the issues identified in paragraph 2. Please note that these approvals were made in consultation with the Department of Energy, While the NRC does not see any prohibitions to granting FOCl approvals at this time, there are still a number of actions which need to be completed. Specifically, the FOCl findings are ,

predicated on completion of the following: (1) an acceptable review of USEC Inc.'s loan

' agreement, (2) the new Board of Directors being processed for access authorizations and submission of Representative of Foreign Interests forms for those Directors that hold a position l - with a foreign company, (3) the submission of a revised Owners,' Officers, Directors and Executive Personnel (OODEPS) list for USEC Services that includes the Secretary, to be consistent with the USEC Services By-Laws, and (4) the new Board of Directors for USEC inc.

and USEC - Private acknowledgement of the resolutions executed by the govemment-owned ,

corporation at their first Board of Directors meeting. I

' Subsequent to the completion of the actions listed above, please be advisad that the NRC intends to conduct periodic reviews of the procedures described in the Certificates of Incorporation and By-Laws to ensure that they are being implemented.

l We understand that USEC is currently working cn the resolution and completion of these issues and we would like to meet with appropriate USEC staff to discuss anticipated completion dates.

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• James H. Miller If you have any questions, please contact A. Lynn Silvious or J. Keith Everly of my staff on (301) 415-2214 or (301) 415-7048, respectively.

Sincerely, Original signed by Michael L. Springer, Director Division of Facilities and Security Office of Administration Docket Nos. 70-7001 and 70-7002 cc: E. J. McCallum, DOE G. P. Rifakes, USEC inc.

D. Scott, USEC Inc.

J. G. Adams, USEC inc.

DISTRIBUTION-  !

Ticket No. 98-0132 M. L. Springer, DFS i DCF: FAC 5.09.25-1A P. G. Norry, DEDM E. L. Halman, D/ADM i

C. J. Paperiello, D/NMSS E. Q. Ten Eyck, NMSS R. C. Pierson, NMSS M. L. Hom, NMSS l

D. F. Hassell, OGC

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S. A. Treby, OGC -

K. L. Winsberg, OGC R. A. Dopp, DD/DFS A. L Silvious,INFOSEC J. K. Everly,INFOSEC DEDM R/F ADM R/F DFS R/F INFOSEC R/F .

NRC Public Document Room Docket Files 70-7001 and 70-7002 DOCUMENT NAME: A:\FINALFOC.WPD To receive a copy of this document, indicate in the box: "C" = Copy without attachment / enclosure "E" = Copy with attachment / enclosure "N" = No copy OFFICE : INFOSEQ4)({ l Af INFOSEC./jf D/DFS W NAME JKEverly\f ALSilvious MLSprin6hr )

DATE 08/11/98 08////98 08/l%/98 OFFICIAL RECORD COPY l

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