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Centrus makes and sells the special fuel that nuclear power plants need to run, and it does the delicate enrichment work to make that fuel.
Centrus Energy does one big thing: it supplies the fuel that keeps nuclear power plants running. It has two main segments — a low-enriched uranium (LEU) segment that buys and sells uranium fuel to utilities, and a technical solutions segment that enriches uranium at its own plant in Piketon, Ohio. Simple version: half the business is trading fuel, the other half is making it.
Think of uranium like crude oil and nuclear fuel like gasoline. Centrus is a refiner and a gas station — it takes raw uranium and turns it into something a reactor can actually burn. The customers are electric utilities that run nuclear plants, mostly in the United States and abroad. They pay Centrus because they need fuel they can trust, and because the enrichment step is scarce — only a few companies in the world can do it.
The most interesting recent chapter is HALEU — high-assay low-enriched uranium, a stronger fuel that next-generation reactors need. Centrus is the first American company with a license to make it, and it started producing HALEU in 2023. It's a small amount today, but it positions Centrus as a key supplier if advanced reactors take off. The company also has a long history, dating back to the U.S. government's Cold War uranium enrichment program, which it now runs under contract. Its fuel trading business generates most of the revenue, but the HALEU and enrichment work is what could make it matter much more in the future.
Saved answer · last researched 12 Oct 2026