The U.S. Commerce Department says it has submitted to the White House the results of a national security investigation into uranium imports.
The Section 232 probe was prompted by a petition filed early last year by U.S. uranium producers Energy Fuels (UUUU -3.3%) and Ur-Energy (URG-1.4%), complaining that subsidized foreign competitors have caused them to cut capacity and lay off workers.
The Ad Hoc Utilities Group - whose members include major nuclear generating utilities such as Dominion (NYSE:D), Duke Energy (NYSE:DUK) and Exelon (NYSE:EXC) - says a 25% domestic uranium quota would add $500M-$800M in annual costs to U.S. nuclear plants and possibly cause some reactors to shut.
Pres. Trump has 90 days to act on the probe's recommendations, which are confidential for now.
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