----

|                                                                                                               |
|--------------------------------------------------------------------------------------------------------------------|
| x  QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934               |
|                                                                                                               |
| For the Quarterly Period Ended: September 30, 2010                                                                 |
| or                                                                                                                 |
|                                                                                                               |
| o  TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934              |
|                                                                                                               |
| For the transition period from________________________________________ to ________________________________________ |
|                                                                                                               |
| Commission File Number:  0-11688                                                                         |
|                                                                                                               |   |   |   |   |   |   |
|                                                                                                               |   | US ECOLOGY, INC. |   |   |
|                                                                                                               |   | (Exact Name of Registrant as Specified in Its Charter) |   |   |
|                                                                                                               |   |   |   |   |   |   |   |   |   |
|                                                                                                               | Delaware |   |   | 95-3889638 |   |
|                                                                                                               | (State of Incorporation) |   |   | (I.R.S. Employer Identification Number) |   |
|                                                                                                               |   |   |   |   |   |   |   |   |   |
|                                                                                                               | Lakepointe Centre I,300 E. Mallard, Suite 300Boise, Idaho |   |   |   83706 |   |
|                                                                                                               | (Address of Principal Executive Offices) |   |   | (Zip Code) |   |
|                                                                                                               |   |   |   |   |   |   |   |   |   |
|                                                                                                               |   |   |   |   |   |   |   |   |   |
|                                                                                                               |   |   | (208) 331-8400 |   |   |   |
|                                                                                                               |   |   | (Registrant’s Telephone Number, Including Area Code) |   |   |   |
|                                                                                                               |   |   |   |   |   |   |   |   |   |

| Large accelerated filer o                                          | Accelerated filer x    |
|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|-----------------------------|
|                                                                                                                                                                                                                                                                            |                        |
| Non-accelerated filer o (Do not check if smaller reporting company)                                                                                                                                                                | Smaller Reporting Company o |

----

|                 |   |                                                                                                  |   |   |
|----------------------|--------|-------------------------------------------------------------------------------------------------------|--------|--------|
|                 |   |                                                                                                  |   |   |
| PART I.              |   | FINANCIAL INFORMATION                                                                                 |   |   |
|                 |   |                                                                                                  |   |   |
| Item 1.              |   | Financial Statements (Unaudited)                                                                      |   |   |
|                 |   |                                                                                                  |   |   |
|                 |   | Consolidated Balance Sheets as of September 30, 2010 and December 31, 2009                            |   | 1      |
|                 |   |                                                                                                  |   |   |
|                 |   | Consolidated Statements of Operations for the three and nine months ended September 30, 2010 and 2009 |   | 2      |
|                 |   |                                                                                                  |   |   |
|                 |   | Consolidated Statements of Cash Flows for the nine months ended September 30, 2010 and 2009           |   | 3      |
|                 |   |                                                                                                  |   |   |
|                 |   | Notes to Consolidated Financial Statements                                                            |   | 4      |
|                 |   |                                                                                                  |   |   |
|                 |   | Report of Independent Registered Public Accounting Firm                                               |   | 11     |
|                 |   |                                                                                                  |   |   |
| Item 2.              |   | Management’s Discussion and Analysis of Financial Condition and Results of Operations           |   | 12     |
|                 |   |                                                                                                  |   |   |
| Item 3.              |   | Quantitative and Qualitative Disclosures About Market Risk                                            |   | 20     |
|                 |   |                                                                                                  |   |   |
| Item 4.              |   | Controls and Procedures                                                                               |   | 21     |
|                 |   |                                                                                                  |   |   |
| PART II.             |   | OTHER INFORMATION                                                                                     |   |   |
|                 |   |                                                                                                  |   |   |
| Cautionary Statement |   | 21                                                                                                    |
|                 |   |                                                                                                  |   |   |
| Item 1.              |   | Legal Proceedings                                                                                     |   | 22     |
|                 |   |                                                                                                  |   |   |
| Item 1A.             |   | Risk Factors                                                                                          |   | 22     |
|                 |   |                                                                                                  |   |   |
| Item 2.              |   | Unregistered Sales of Equity Securities and Use of Proceeds                                           |   | 22     |
|                 |   |                                                                                                  |   |   |
| Item 3.              |   | Defaults Upon Senior Securities                                                                       |   | 22     |
|                 |   |                                                                                                  |   |   |
| Item 4.              |   | Removed and Reserved                                                                                  |   | 22     |
|                 |   |                                                                                                  |   |   |
| Item 5.              |   | Other Information                                                                                     |   | 22     |
|                 |   |                                                                                                  |   |   |
| Item 6.              |   | Exhibits                                                                                              |   | 23     |
|                 |   |                                                                                                  |   |   |
| SIGNATURE            |   | 24                                                                                                    |

----

|                                                                     |   | September 30, 2010 |    |   | December 31, 2009 |   |
|--------------------------------------------------------------------------|--------|--------------------|---------|--------|-------------------|--------|
| Assets                                                                   |   |               |    |   |              |   |
|                                                                     |   |               |    |   |              |   |
| Current Assets:                                                          |   |               |    |   |              |   |
| Cash and cash equivalents                                                |   | $                  | 30,439  |   |              | $      | 31,347 |   |
| Short-term investments                                                   |   |               | -       |   |              |   | 1,395 |   |
| Receivables, net                                                         |   |               | 17,758  |   |              |   | 16,302 |   |
| Prepaid expenses and other current assets                                |   |               | 2,429   |   |              |   | 1,752 |   |
| Deferred income taxes                                                    |   |               | 427     |   |              |   | 41 |   |
| Total current assets                                                     |   |               | 51,053  |   |              |   | 50,837 |   |
|                                                                     |   |               |    |   |              |   |   |   |
| Property and equipment, net                                              |   |               | 72,827  |   |              |   | 67,485 |   |
| Restricted cash                                                          |   |               | 4,114   |   |              |   | 4,800 |   |
| Other assets                                                             |   |               | 509     |   |              |   | 540 |   |
| Total assets                                                             |   | $                  | 128,503 |   |              | $      | 123,662 |   |
|                                                                     |   |               |    |   |              |   |   |   |
| Liabilities and Stockholders’ Equity                               |   |               |    |   |              |   |   |   |
|                                                                     |   |               |    |   |              |   |   |   |
| Current Liabilities:                                                     |   |               |    |   |              |   |   |   |
| Accounts payable                                                         |   | $                  | 5,857   |   |              | $      | 4,264 |   |
| Deferred revenue                                                         |   |               | 1,836   |   |              |   | 1,353 |   |
| Accrued liabilities                                                      |   |               | 4,742   |   |              |   | 4,150 |   |
| Accrued salaries and benefits                                            |   |               | 1,657   |   |              |   | 1,735 |   |
| Income taxes payable                                                     |   |               | 1,062   |   |              |   | 201 |   |
| Current portion of closure and post-closure obligations                  |   |               | 3,545   |   |              |   | 293 |   |
| Current portion of capital lease obligations                             |   |               | 8       |   |              |   | 11 |   |
| Total current liabilities                                                |   |               | 18,707  |   |              |   | 12,007 |   |
|                                                                     |   |               |    |   |              |   |   |   |
| Long-term closure and post-closure obligations                           |   |               | 11,690  |   |              |   | 13,070 |   |
| Long-term capital lease obligations                                      |   |               | 4       |   |              |   | 10 |   |
| Deferred income taxes                                                    |   |               | 5,580   |   |              |   | 5,077 |   |
| Total liabilities                                                        |   |               | 35,981  |   |              |   | 30,164 |   |
|                                                                     |   |               |    |   |              |   |   |   |
| Contingencies and commitments                                            |   |               |    |   |              |   |   |   |
|                                                                     |   |               |    |   |              |   |   |   |
| Stockholders’ Equity                                               |   |               |    |   |              |   |   |   |
|                                                                     |   |               |    |   |              |   |   |   |
| Common stock $0.01 par value, 50,000 authorized; 18,306 shares issued    |   |               | 183     |   |              |   | 183 |   |
| Additional paid-in capital                                               |   |               | 61,637  |   |              |   | 61,459 |   |
| Retained earnings                                                        |   |               | 32,681  |   |              |   | 34,446 |   |
| Common stock held in treasury, at cost, 119 and 155 shares, respectively |   |               | (1,979  | )      |              |   | (2,590 | ) |
| Total stockholders’ equity                                         |   |               | 92,522  |   |              |   | 93,498 |   |
| Total liabilities and stockholders’ equity                         |   | $                  | 128,503 |   |              | $      | 123,662 |   |

----

|                                           |   | Three Months Ended |   |   | Nine Months Ended |   |
|------------------------------------------------|--------|--------------------|--------|--------|-------------------|--------|
|                                           |   | September 30,      |   |   | September 30,     |   |
|                                           |   | 2010               |   |   | 2009              |   |   | 2010 |   |   | 2009 |   |
|                                           |   |               |   |   |              |   |   |   |   |   |   |   |
| Revenue                                        |   | $                  | 25,984 |   |              | $      | 37,529 |   |   | $ | 65,356 |   |   | $ | 108,871 |   |
| Direct operating costs                         |   |               | 10,229 |   |              |   | 10,852 |   |   |   | 30,239 |   |   |   | 34,099 |   |
| Transportation costs                           |   |               | 5,383  |   |              |   | 16,694 |   |   |   | 11,027 |   |   |   | 46,131 |   |
|                                           |   |               |   |   |              |   |   |   |   |   |   |   |   |   |   |   |
| Gross profit                                   |   |               | 10,372 |   |              |   | 9,983 |   |   |   | 24,090 |   |   |   | 28,641 |   |
|                                           |   |               |   |   |              |   |   |   |   |   |   |   |   |   |   |   |
| Selling, general and administrative expenses   |   |               | 3,929  |   |              |   | 3,206 |   |   |   | 10,839 |   |   |   | 10,175 |   |
| Operating income                               |   |               | 6,443  |   |              |   | 6,777 |   |   |   | 13,251 |   |   |   | 18,466 |   |
|                                           |   |               |   |   |              |   |   |   |   |   |   |   |   |   |   |   |
| Other income (expense):                        |   |               |   |   |              |   |   |   |   |   |   |   |   |   |   |   |
| Interest income                                |   |               | 16     |   |              |   | 18 |   |   |   | 47 |   |   |   | 103 |   |
| Interest expense                               |   |               | -      |   |              |   | (1 | ) |   |   | (1 | ) |   |   | (2 | ) |
| Other                                          |   |               | 30     |   |              |   | 101 |   |   |   | 120 |   |   |   | 225 |   |
| Total other income                             |   |               | 46     |   |              |   | 118 |   |   |   | 166 |   |   |   | 326 |   |
|                                           |   |               |   |   |              |   |   |   |   |   |   |   |   |   |   |   |
| Income before income taxes                     |   |               | 6,489  |   |              |   | 6,895 |   |   |   | 13,417 |   |   |   | 18,792 |   |
| Income taxes                                   |   |               | 2,551  |   |              |   | 2,731 |   |   |   | 5,366 |   |   |   | 7,466 |   |
| Net income                                     |   | $                  | 3,938  |   |              | $      | 4,164 |   |   | $ | 8,051 |   |   | $ | 11,326 |   |
|                                           |   |               |   |   |              |   |   |   |   |   |   |   |   |   |   |   |
| Earnings per share:                            |   |               |   |   |              |   |   |   |   |   |   |   |   |   |   |   |
| Basic                                          |   | $                  | 0.22   |   |              | $      | 0.23 |   |   | $ | 0.44 |   |   | $ | 0.62 |   |
| Dilutive                                       |   | $                  | 0.22   |   |              | $      | 0.23 |   |   | $ | 0.44 |   |   | $ | 0.62 |   |
|                                           |   |               |   |   |              |   |   |   |   |   |   |   |   |   |   |   |
| Shares used in earnings per share calculation: |   |               |   |   |              |   |   |   |   |   |   |   |   |   |   |   |
| Basic                                          |   |               | 18,172 |   |              |   | 18,148 |   |   |   | 18,167 |   |   |   | 18,145 |   |
| Dilutive                                       |   |               | 18,186 |   |              |   | 18,170 |   |   |   | 18,186 |   |   |   | 18,173 |   |
|                                           |   |               |   |   |              |   |   |   |   |   |   |   |   |   |   |   |
| Dividends paid per share                       |   | $                  | 0.18   |   |              | $      | 0.18 |   |   | $ | 0.54 |   |   | $ | 0.54 |   |

----

|                                                                              |   | Nine Months Ended September 30, |   |
|-----------------------------------------------------------------------------------|--------|---------------------------------|--------|
|                                                                              |   | 2010                            |   |   | 2009 |   |
| Cash Flows From Operating Activities:                                             |   |                            |   |   |   |   |
| Net income                                                                        |   | $                               | 8,051  |   |   | $ | 11,326 |   |
| Adjustments to reconcile net income to net cash provided by operating activities: |   |                            |   |   |   |   |   |   |
| Depreciation, amortization and accretion                                          |   |                            | 5,841  |   |   |   | 6,937 |   |
| Deferred income taxes                                                             |   |                            | 117    |   |   |   | 1,465 |   |
| Stock-based compensation expense                                                  |   |                            | 789    |   |   |   | 539 |   |
| Net loss on sale of property and equipment                                        |   |                            | 167    |   |   |   | 38 |   |
| Investment premium amortization                                                   |   |                            | 20     |   |   |   | - |   |
| Changes in assets and liabilities:                                                |   |                            |   |   |   |   |   |   |
| Receivables                                                                       |   |                            | (1,456 | ) |   |   | 1,632 |   |
| Income tax receivable                                                             |   |                            | -      |   |   |   | 2,834 |   |
| Other assets                                                                      |   |                            | (646   | ) |   |   | 435 |   |
| Accounts payable and accrued liabilities                                          |   |                            | 1,884  |   |   |   | (1,448 | ) |
| Deferred revenue                                                                  |   |                            | 483    |   |   |   | (2,605 | ) |
| Accrued salaries and benefits                                                     |   |                            | (78    | ) |   |   | (1,000 | ) |
| Income tax payable                                                                |   |                            | 861    |   |   |   | 539 |   |
| Closure and post-closure obligations                                              |   |                            | (215   | ) |   |   | (423 | ) |
| Other                                                                             |   |                            | (2     | ) |   |   | (19 | ) |
| Net cash provided by operating activities                                         |   |                            | 15,816 |   |   |   | 20,250 |   |
|                                                                              |   |                            |   |   |   |   |   |   |
| Cash Flows From Investing Activities:                                             |   |                            |   |   |   |   |   |   |
| Purchases of property and equipment                                               |   |                            | (9,023 | ) |   |   | (8,725 | ) |
| Purchases of short-term investments                                               |   |                            | (4,998 | ) |   |   | (1,409 | ) |
| Maturities of short-term investments                                              |   |                            | 6,375  |   |   |   | - |   |
| Restricted cash, net                                                              |   |                            | 686    |   |   |   | (84 | ) |
| Proceeds from sale of property and equipment                                      |   |                            | 61     |   |   |   | 62 |   |
| Net cash used in investing activities                                             |   |                            | (6,899 | ) |   |   | (10,156 | ) |
|                                                                              |   |                            |   |   |   |   |   |   |
| Cash Flows From Financing Activities:                                             |   |                            |   |   |   |   |   |   |
| Dividends paid                                                                    |   |                            | (9,816 | ) |   |   | (9,801 | ) |
| Other                                                                             |   |                            | (9     | ) |   |   | (7 | ) |
| Common stock repurchases                                                          |   |                            | -      |   |   |   | (2 | ) |
| Net cash used in financing activities                                             |   |                            | (9,825 | ) |   |   | (9,810 | ) |
|                                                                              |   |                            |   |   |   |   |   |   |
| (Decrease) Increase in cash and cash equivalents                                  |   |                            | (908   | ) |   |   | 284 |   |
|                                                                              |   |                            |   |   |   |   |   |   |
| Cash and cash equivalents at beginning of period                                  |   |                            | 31,347 |   |   |   | 18,473 |   |
|                                                                              |   |                            |   |   |   |   |   |   |
| Cash and cash equivalents at end of period                                        |   | $                               | 30,439 |   |   | $ | 18,757 |   |
|                                                                              |   |                            |   |   |   |   |   |   |
| Supplemental Disclosures                                                          |   |                            |   |   |   |   |   |   |
| Income taxes paid, net of receipts                                                |   | $                               | 4,387  |   |   | $ | 2,649 |   |
| Interest paid                                                                     |   |                            | -      |   |   |   | 2 |   |
| Non-cash investing and financing activities:                                      |   |                            |   |   |   |   |   |   |
| Capital expenditures in accounts payable                                          |   |                            | 868    |   |   |   | 44 |   |
| Closure/Post-closure retirement asset                                             |   |                            | 1,257  |   |   |   | - |   |
| Restricted stock issued from treasury shares                                      |   |                            | 611    |   |   |   | - |   |

----

----

----

|                            |   | September 30, |   |   | December 31, |   |
|---------------------------------|--------|---------------|--------|--------|--------------|--------|
| (in thousands)                  |   | 2010          |   |   | 2009         |   |
|                            |   |          |   |   |         |   |
| Trade                           |   | $             | 15,872 |   |         | $      | 16,016 |   |
| Unbilled revenue                |   |          | 1,856  |   |         |   | 337 |   |
| Other                           |   |          | 126    |   |         |   | 70 |   |
|                            |   |          | 17,854 |   |         |   | 16,423 |   |
| Allowance for doubtful accounts |   |          | (96    | )      |         |   | (121 | ) |
|                            |   | $             | 17,758 |   |         | $      | 16,302 |   |

|                                      |   | September 30, |    |   | December 31, |   |
|-------------------------------------------|--------|---------------|---------|--------|--------------|--------|
| (in thousands)                            |   | 2010          |    |   | 2009         |   |
|                                      |   |          |    |   |         |   |
| Cell development costs                    |   | $             | 52,208  |   |         | $      | 44,029 |   |
| Land and improvements                     |   |          | 10,006  |   |         |   | 9,773 |   |
| Buildings and improvements                |   |          | 29,312  |   |         |   | 29,151 |   |
| Railcars                                  |   |          | 17,375  |   |         |   | 17,375 |   |
| Vehicles and other equipment              |   |          | 22,468  |   |         |   | 21,824 |   |
| Construction in progress                  |   |          | 8,408   |   |         |   | 7,822 |   |
|                                      |   |          | 139,777 |   |         |   | 129,974 |   |
| Accumulated depreciation and amortization |   |          | (66,950 | )      |         |   | (62,489 | ) |
|                                      |   | $             | 72,827  |   |         | $      | 67,485 |   |

----

| (in thousands)        |   | Three Months Ended September 30, 2010 |   |   | Nine Months Ended September 30, 2010 |   |
|-----------------------|--------|---------------------------------------|--------|--------|--------------------------------------|--------|
|                  |   |                                  |   |   |                                 |   |
| Beginning obligation  |   | $                                     | 15,011 |   |                                 | $      | 13,363 |   |
| Accretion expense     |   |                                  | 292    |   |                                 |   | 830 |   |
| Payments              |   |                                  | (68    | )      |                                 |   | (215 | ) |
| Additions/adjustments |   |                                  | -      |   |                                 |   | 1,257 |   |
| Ending obligation     |   |                                  | 15,235 |   |                                 |   | 15,235 |   |
| Less current portion  |   |                                  | (3,545 | )      |                                 |   | (3,545 | ) |
| Long-term portion     |   | $                                     | 11,690 |   |                                 | $      | 11,690 |   |

----

| (in thousands, except per share data)                 |   | Three Months Ended September 30, |   |
|-------------------------------------------------------|--------|----------------------------------|--------|
|                                                  |   | 2010                             |   |   | 2009 |   |
|                                                  |   | Basic                            |   |   | Diluted |   |   | Basic |   |   | Diluted |   |
| Net income                                            |   | $                                | 3,938  |   |   | $ | 3,938 |   |   | $ | 4,164 |   |   | $ | 4,164 |   |
| Weighted average common shares outstanding            |   |                             | 18,172 |   |   |   | 18,172 |   |   |   | 18,148 |   |   |   | 18,148 |   |
|                                                  |   |                             |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Dilutive effect of stock options and restricted stock |   |                             |   |   |   |   | 14 |   |   |   |   |   |   |   | 22 |   |
| Weighted average shares outstanding                   |   |                             |   |   |   |   | 18,186 |   |   |   |   |   |   |   | 18,170 |   |
|                                                  |   |                             |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Earnings per share                                    |   | $                                | 0.22   |   |   | $ | 0.22 |   |   | $ | 0.23 |   |   | $ | 0.23 |   |
| Anti-dilutive shares excluded from calculation        |   |                             |   |   |   |   | 342 |   |   |   |   |   |   |   | 280 |   |
|                                                  |   |                             |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                  |   |                             |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| (in thousands, except per share data)                 |   | Nine Months Ended September 30,  |   |
|                                                  |   |                             | 2010   |   |   |   |   | 2009 |   |
|                                                  |   | Basic                            |   |   | Diluted |   |   | Basic |   |   | Diluted |   |
| Net income                                            |   | $                                | 8,051  |   |   | $ | 8,051 |   |   | $ | 11,326 |   |   | $ | 11,326 |   |
| Weighted average common shares outstanding            |   |                             | 18,167 |   |   |   | 18,167 |   |   |   | 18,145 |   |   |   | 18,145 |   |
|                                                  |   |                             |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Dilutive effect of stock options and restricted stock |   |                             |   |   |   |   | 19 |   |   |   |   |   |   |   | 28 |   |
| Weighted average shares outstanding                   |   |                             |   |   |   |   | 18,186 |   |   |   |   |   |   |   | 18,173 |   |
|                                                  |   |                             |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Earnings per share                                    |   | $                                | 0.44   |   |   | $ | 0.44 |   |   | $ | 0.62 |   |   | $ | 0.62 |   |
| Anti-dilutive shares excluded from calculation        |   |                             |   |   |   |   | 333 |   |   |   |   |   |   |   | 276 |   |

----

| (in thousands)                             |   | Operating Disposal Facilities |   | Non-Operating Disposal Facilities |   | Corporate |   |   | Total  |   |
|--------------------------------------------|--------|-------------------------------|--------|-----------------------------------|--------|-----------|--------|--------|--------|--------|
| Three months ended September 30, 2010      |   |                          |   |                              |   |      |   |   |   |   |   |   |
| Revenue - Treatment and disposal           |   | $                             | 20,662 |                              |   | $         | 9      |   |   | $      | - |   |   | $ | 20,671 |   |
| Revenue - Transportation services          |   |                          | 5,313  |                              |   |      | -      |   |   |   | - |   |   |   | 5,313 |   |
| Total revenue                              |   |                          | 25,975 |                              |   |      | 9      |   |   |   | - |   |   |   | 25,984 |   |
| Direct operating costs                     |   |                          | 10,171 |                              |   |      | 58     |   |   |   | - |   |   |   | 10,229 |   |
| Transportation costs                       |   |                          | 5,383  |                              |   |      | -      |   |   |   | - |   |   |   | 5,383 |   |
| Gross profit                               |   |                          | 10,421 |                              |   |      | (49    | )      |   |   | - |   |   |   | 10,372 |   |
| Selling, general & administration      |   |                          | 1,214  |                              |   |      | -      |   |   |   | 2,715 |   |   |   | 3,929 |   |
| Operating income (loss)                    |   |                          | 9,207  |                              |   |      | (49    | )      |   |   | (2,715 | ) |   |   | 6,443 |   |
| Interest, net                              |   |                          | 3      |                              |   |      | -      |   |   |   | 13 |   |   |   | 16 |   |
| Other income                               |   |                          | 26     |                              |   |      | 4      |   |   |   | - |   |   |   | 30 |   |
| Income (loss) before income taxes          |   |                          | 9,236  |                              |   |      | (45    | )      |   |   | (2,702 | ) |   |   | 6,489 |   |
| Income taxes                               |   |                          | -      |                              |   |      | -      |   |   |   | 2,551 |   |   |   | 2,551 |   |
| Net income (loss)                          |   | $                             | 9,236  |                              |   | $         | (45    | )      |   | $      | (5,253 | ) |   | $ | 3,938 |   |
| Depreciation, amortization & accretion |   | $                             | 2,142  |                              |   | $         | 51     |   |   | $      | 11 |   |   | $ | 2,204 |   |
| Capital expenditures                       |   | $                             | 4,124  |                              |   | $         | 20     |   |   | $      | - |   |   | $ | 4,144 |   |
| Total assets                               |   | $                             | 92,306 |                              |   | $         | 57     |   |   | $      | 36,140 |   |   | $ | 128,503 |   |
| (in thousands)                             |   | Operating Disposal Facilities |   | Non-Operating Disposal Facilities |   | Corporate |   |   | Total  |   |
| Three months ended September 30, 2009      |   |                          |   |                              |   |      |   |   |   |   |   |   |   |   |   |   |
| Revenue - Treatment and disposal           |   | $                             | 20,258 |                              |   | $         | 10     |   |   | $      | - |   |   | $ | 20,268 |   |
| Revenue - Transportation services          |   |                          | 17,261 |                              |   |      | -      |   |   |   | - |   |   |   | 17,261 |   |
| Total revenue                              |   |                          | 37,519 |                              |   |      | 10     |   |   |   | - |   |   |   | 37,529 |   |
| Direct operating costs                     |   |                          | 10,790 |                              |   |      | 62     |   |   |   | - |   |   |   | 10,852 |   |
| Transportation costs                       |   |                          | 16,694 |                              |   |      | -      |   |   |   | - |   |   |   | 16,694 |   |
| Gross profit                               |   |                          | 10,035 |                              |   |      | (52    | )      |   |   | - |   |   |   | 9,983 |   |
| Selling, general & administration      |   |                          | 1,043  |                              |   |      | -      |   |   |   | 2,163 |   |   |   | 3,206 |   |
| Operating income (loss)                    |   |                          | 8,992  |                              |   |      | (52    | )      |   |   | (2,163 | ) |   |   | 6,777 |   |
| Interest, net                              |   |                          | (1     | )                                 |   |      | -      |   |   |   | 18 |   |   |   | 17 |   |
| Other income                               |   |                          | 61     |                              |   |      | 40     |   |   |   | - |   |   |   | 101 |   |
| Income (loss) before income taxes          |   |                          | 9,052  |                              |   |      | (12    | )      |   |   | (2,145 | ) |   |   | 6,895 |   |
| Income taxes                               |   |                          | -      |                              |   |      | -      |   |   |   | 2,731 |   |   |   | 2,731 |   |
| Net income (loss)                          |   | $                             | 9,052  |                              |   | $         | (12    | )      |   | $      | (4,876 | ) |   | $ | 4,164 |   |
| Depreciation, amortization & accretion |   | $                             | 2,229  |                              |   | $         | 54     |   |   | $      | 12 |   |   | $ | 2,295 |   |
| Capital expenditures                       |   | $                             | 3,950  |                              |   | $         | -      |   |   | $      | 7 |   |   | $ | 3,957 |   |
| Total assets                               |   | $                             | 98,803 |                              |   | $         | 54     |   |   | $      | 27,898 |   |   | $ | 126,755 |   |

----

| (in thousands)                             |   | Operating Disposal Facilities |    | Non-Operating Disposal Facilities |   | Corporate |   |   | Total  |   |
|--------------------------------------------|--------|-------------------------------|---------|-----------------------------------|--------|-----------|--------|--------|--------|--------|
| Nine months ended September 30, 2010       |   |                          |    |                              |   |      |   |   |   |   |   |   |
| Revenue - Treatment and disposal           |   | $                             | 55,003  |                              |   | $         | 22     |   |   | $      | - |   |   | $ | 55,025 |   |
| Revenue - Transportation services          |   |                          | 10,331  |                              |   |      | -      |   |   |   | - |   |   |   | 10,331 |   |
| Total revenue                              |   |                          | 65,334  |                              |   |      | 22     |   |   |   | - |   |   |   | 65,356 |   |
| Direct operating costs                     |   |                          | 30,028  |                              |   |      | 211    |   |   |   | - |   |   |   | 30,239 |   |
| Transportation costs                       |   |                          | 11,027  |                              |   |      | -      |   |   |   | - |   |   |   | 11,027 |   |
| Gross profit                               |   |                          | 24,279  |                              |   |      | (189   | )      |   |   | - |   |   |   | 24,090 |   |
| Selling, general & administration      |   |                          | 3,957   |                              |   |      | -      |   |   |   | 6,882 |   |   |   | 10,839 |   |
| Operating income (loss)                    |   |                          | 20,322  |                              |   |      | (189   | )      |   |   | (6,882 | ) |   |   | 13,251 |   |
| Interest income, net                       |   |                          | 5       |                              |   |      | -      |   |   |   | 41 |   |   |   | 46 |   |
| Other income                               |   |                          | 112     |                              |   |      | 8      |   |   |   | - |   |   |   | 120 |   |
| Income (loss) before tax                   |   |                          | 20,439  |                              |   |      | (181   | )      |   |   | (6,841 | ) |   |   | 13,417 |   |
| Tax expense                                |   |                          | -       |                              |   |      | -      |   |   |   | 5,366 |   |   |   | 5,366 |   |
| Net income (loss)                          |   | $                             | 20,439  |                              |   | $         | (181   | )      |   | $      | (12,207 | ) |   | $ | 8,051 |   |
| Depreciation, amortization & accretion |   | $                             | 5,654   |                              |   | $         | 152    |   |   | $      | 35 |   |   | $ | 5,841 |   |
| Capital expenditures                       |   | $                             | 9,000   |                              |   | $         | 20     |   |   | $      | 3 |   |   | $ | 9,023 |   |
| Total assets                               |   | $                             | 92,306  |                              |   | $         | 57     |   |   | $      | 36,140 |   |   | $ | 128,503 |   |
| (in thousands)                             |   | Operating Disposal Facilities |    | Non-Operating Disposal Facilities |   | Corporate |   |   | Total  |   |
| Nine months ended September 30, 2009       |   |                          |    |                              |   |      |   |   |   |   |   |   |   |   |   |   |
| Revenue - Treatment and disposal           |   | $                             | 62,316  |                              |   | $         | 17     |   |   | $      | - |   |   | $ | 62,333 |   |
| Revenue - Transportation services          |   |                          | 46,538  |                              |   |      | -      |   |   |   | - |   |   |   | 46,538 |   |
| Total revenue                              |   |                          | 108,854 |                              |   |      | 17     |   |   |   | - |   |   |   | 108,871 |   |
| Direct operating costs                     |   |                          | 33,926  |                              |   |      | 173    |   |   |   | - |   |   |   | 34,099 |   |
| Transportation costs                       |   |                          | 46,131  |                              |   |      | -      |   |   |   | - |   |   |   | 46,131 |   |
| Gross profit                               |   |                          | 28,797  |                              |   |      | (156   | )      |   |   | - |   |   |   | 28,641 |   |
| Selling, general & administration      |   |                          | 3,279   |                              |   |      | -      |   |   |   | 6,896 |   |   |   | 10,175 |   |
| Operating income (loss)                    |   |                          | 25,518  |                              |   |      | (156   | )      |   |   | (6,896 | ) |   |   | 18,466 |   |
| Interest income, net                       |   |                          | (1      | )                                 |   |      | -      |   |   |   | 102 |   |   |   | 101 |   |
| Other income                               |   |                          | 147     |                              |   |      | 78     |   |   |   | - |   |   |   | 225 |   |
| Income (loss) before tax                   |   |                          | 25,664  |                              |   |      | (78    | )      |   |   | (6,794 | ) |   |   | 18,792 |   |
| Tax expense                                |   |                          | -       |                              |   |      | -      |   |   |   | 7,466 |   |   |   | 7,466 |   |
| Net income (loss)                          |   | $                             | 25,664  |                              |   | $         | (78    | )      |   | $      | (14,260 | ) |   | $ | 11,326 |   |
| Depreciation, amortization & accretion |   | $                             | 6,740   |                              |   | $         | 164    |   |   | $      | 33 |   |   | $ | 6,937 |   |
| Capital expenditures                       |   | $                             | 8,707   |                              |   | $         | -      |   |   | $      | 18 |   |   | $ | 8,725 |   |
| Total assets                               |   | $                             | 98,803  |                              |   | $         | 54     |   |   | $      | 27,898 |   |   | $ | 126,755 |   |

----

----

| Customer Category                               |   | Description                                                                                                                                                                                    |   |   | % of Treatment and Disposal Revenue (1) for the Three Months ended September 30, 2010 |   | % of Treatment and Disposal Revenue (1) for the Three Months ended September 30, 2009 |
|-------------------------------------------------|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|--------|---------------------------------------------------------------------------------------|--------|---------------------------------------------------------------------------------------|
| Broker                                          |   | Companies that collect and aggregate waste from their direct customers, comprised of both Base and Event clean-up business.                                                                    |   | 41%    |                                                                                  | 36%    |
|                                            |   |                                                                                                                                                                                           |   |   |                                                                                  |   |
| Government                                      |   | Federal and State government clean-up project waste, comprised of both Base business and Event clean-up business.                                                                              |   | 21%    |                                                                                  | 14%    |
|                                            |   |                                                                                                                                                                                           |   |   |                                                                                  |   |
| Other industry                                  |   | Electric utilities, chemical manufacturers, steel mill and other industrial customers not included in other categories, comprised of both recurring Base business and Event clean-up business. |   | 10%    |                                                                                  | 9%     |
|                                            |   |                                                                                                                                                                                           |   |   |                                                                                  |   |
| Refinery                                        |   | Petroleum refinery customers, comprised of both Base and Event clean-up business.                                                                                                              |   | 7%     |                                                                                  | 11%    |
|                                            |   |                                                                                                                                                                                           |   |   |                                                                                  |   |
| Rate regulated                                  |   | Northwest and Rocky Mountain Compact customers paying rate-regulated disposal fees set by the State of Washington, predominantly Base business.                                                |   | 6%     |                                                                                  | 7%     |
|                                            |   |                                                                                                                                                                                           |   |   |                                                                                  |   |                                                                                  |
| Private Clean-up                                |   | Private sector clean-up project waste, typically Event business.                                                                                                                               |   |   | 15%                                                                                   |   | 23%                                                                                   |
|                                            |   |                                                                                                                                                                                           |   |   |                                                                                  |
| (1) Excludes all transportation service revenue |   |                                                                                                                                                                                           |   |   |                                                                                  |

----

| Customer Category                               |   | Description                                                                                                                                                                                    |   |   | % of Treatment and Disposal Revenue (1) for the Nine Months ended September 30, 2010 |   | % of Treatment and Disposal Revenue (1) for the Nine Months ended September 30, 2009 |
|-------------------------------------------------|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|--------|--------------------------------------------------------------------------------------|--------|--------------------------------------------------------------------------------------|
| Broker                                          |   | Companies that collect and aggregate waste from their direct customers, comprised of both Base and Event clean-up business.                                                                    |   | 42%    |                                                                                 | 34%    |
|                                            |   |                                                                                                                                                                                           |   |   |                                                                                 |   |
| Government                                      |   | Federal and State government clean-up project waste, comprised of both Base business and Event clean-up business.                                                                              |   | 20%    |                                                                                 | 14%    |
|                                            |   |                                                                                                                                                                                           |   |   |                                                                                 |   |
| Other industry                                  |   | Electric utilities, chemical manufacturers, steel mill and other industrial customers not included in other categories, comprised of both recurring Base business and Event clean-up business. |   | 13%    |                                                                                 | 10%    |
|                                            |   |                                                                                                                                                                                           |   |   |                                                                                 |   |
| Refinery                                        |   | Petroleum refinery customers, comprised of both Base and Event clean-up business.                                                                                                              |   | 11%    |                                                                                 | 12%    |
|                                            |   |                                                                                                                                                                                           |   |   |                                                                                 |   |
| Rate regulated                                  |   | Northwest and Rocky Mountain Compact customers paying rate-regulated disposal fees set by the State of Washington, predominantly Base business.                                                |   | 7%     |                                                                                 | 7%     |
|                                            |   |                                                                                                                                                                                           |   |   |                                                                                 |   |                                                                                 |
| Private Clean-up                                |   | Private sector clean-up project waste, typically Event business.                                                                                                                               |   |   | 7%                                                                                   |   | 23%                                                                                  |
|                                            |   |                                                                                                                                                                                           |   |   |                                                                                 |   |                                                                                 |
| (1) Excludes all transportation service revenue |   |                                                                                                                                                                                           |   |   |                                                                                 |

----

----

| (in thousands, except per                      |   | Three Months Ended September 30, |   |   | Nine Months Ended September 30, |   |
|------------------------------------------------|--------|----------------------------------|--------|--------|---------------------------------|--------|
| share amounts)                                 |   | 2010                             |   |   | %                               |   |   | 2009 |   |   | % |   |   | 2010 |   |   | % |   |   | 2009 |   |   | % |   |
|                                           |   |                             |   |   |                            |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Revenue                                        |   | $                                | 25,984 |   |                            |   | 100.0 | % |   | $ | 37,529 |   |   |   | 100.0 | % |   | $ | 65,356 |   |   |   | 100.0 | % |   | $ | 108,871 |   |   |   | 100.0 | % |
| Direct operating costs                         |   |                             | 10,229 |   |                            |   | 39.4 | % |   |   | 10,852 |   |   |   | 28.9 | % |   |   | 30,239 |   |   |   | 46.2 | % |   |   | 34,099 |   |   |   | 31.3 | % |
| Transportation costs                           |   |                             | 5,383  |   |                            |   | 20.7 | % |   |   | 16,694 |   |   |   | 44.5 | % |   |   | 11,027 |   |   |   | 16.9 | % |   |   | 46,131 |   |   |   | 42.4 | % |
|                                           |   |                             |   |   |                            |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Gross profit                                   |   |                             | 10,372 |   |                            |   | 39.9 | % |   |   | 9,983 |   |   |   | 26.6 | % |   |   | 24,090 |   |   |   | 36.9 | % |   |   | 28,641 |   |   |   | 26.3 | % |
|                                           |   |                             |   |   |                            |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Selling, general and administrative expenses   |   |                             | 3,929  |   |                            |   | 15.1 | % |   |   | 3,206 |   |   |   | 8.5 | % |   |   | 10,839 |   |   |   | 16.6 | % |   |   | 10,175 |   |   |   | 9.3 | % |
| Operating income                               |   |                             | 6,443  |   |                            |   | 24.8 | % |   |   | 6,777 |   |   |   | 18.1 | % |   |   | 13,251 |   |   |   | 20.3 | % |   |   | 18,466 |   |   |   | 17.0 | % |
|                                           |   |                             |   |   |                            |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                           |   |                             |   |   |                            |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Other income (expense):                        |   |                             |   |   |                            |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Interest income                                |   |                             | 16     |   |                            |   | 0.1 | % |   |   | 18 |   |   |   | 0.0 | % |   |   | 47 |   |   |   | 0.1 | % |   |   | 103 |   |   |   | 0.1 | % |
| Interest expense                               |   |                             | -      |   |                            |   | 0.0 | % |   |   | (1 | ) |   |   | 0.0 | % |   |   | (1 | ) |   |   | 0.0 | % |   |   | (2 | ) |   |   | 0.0 | % |
| Other                                          |   |                             | 30     |   |                            |   | 0.1 | % |   |   | 101 |   |   |   | 0.3 | % |   |   | 120 |   |   |   | 0.2 | % |   |   | 225 |   |   |   | 0.2 | % |
| Total other income                             |   |                             | 46     |   |                            |   | 0.2 | % |   |   | 118 |   |   |   | 0.3 | % |   |   | 166 |   |   |   | 0.3 | % |   |   | 326 |   |   |   | 0.3 | % |
|                                           |   |                             |   |   |                            |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                           |   |                             |   |   |                            |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Income before income taxes                     |   |                             | 6,489  |   |                            |   | 25.0 | % |   |   | 6,895 |   |   |   | 18.4 | % |   |   | 13,417 |   |   |   | 20.6 | % |   |   | 18,792 |   |   |   | 17.3 | % |
| Income taxes                                   |   |                             | 2,551  |   |                            |   | 9.8 | % |   |   | 2,731 |   |   |   | 7.3 | % |   |   | 5,366 |   |   |   | 8.2 | % |   |   | 7,466 |   |   |   | 6.9 | % |
| Net income                                     |   | $                                | 3,938  |   |                            |   | 15.2 | % |   | $ | 4,164 |   |   |   | 11.1 | % |   | $ | 8,051 |   |   |   | 12.4 | % |   | $ | 11,326 |   |   |   | 10.4 | % |
|                                           |   |                             |   |   |                            |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Earnings per share:                            |   |                             |   |   |                            |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Basic                                          |   | $                                | 0.22   |   |                            |   |   |   |   | $ | 0.23 |   |   |   |   |   |   | $ | 0.44 |   |   |   |   |   |   | $ | 0.62 |   |   |   |   |   |
| Dilutive                                       |   | $                                | 0.22   |   |                            |   |   |   |   | $ | 0.23 |   |   |   |   |   |   | $ | 0.44 |   |   |   |   |   |   | $ | 0.62 |   |   |   |   |   |
|                                           |   |                             |   |   |                            |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Shares used in earnings per share calculation: |   |                             |   |   |                            |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Basic                                          |   |                             | 18,172 |   |                            |   |   |   |   |   | 18,148 |   |   |   |   |   |   |   | 18,167 |   |   |   |   |   |   |   | 18,145 |   |   |   |   |   |
| Dilutive                                       |   |                             | 18,186 |   |                            |   |   |   |   |   | 18,170 |   |   |   |   |   |   |   | 18,186 |   |   |   |   |   |   |   | 18,173 |   |   |   |   |   |
|                                           |   |                             |   |   |                            |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Dividends paid per share                       |   | $                                | 0.18   |   |                            |   |   |   |   | $ | 0.18 |   |   |   |   |   |   | $ | 0.54 |   |   |   |   |   |   | $ | 0.54 |   |   |   |   |   |

----

|           |   | Treatment and Disposal Revenue GrowthThree Months Ended September 30, 2010 vs. Three Months Ended September 30, 2009 |   |
|----------------|--------|---------------------------------------------------------------------------------------------------------------------------|--------|
|           |   |                                                                                                                      |   |
| Government     |   | 60%                                                                                                                       |   |
| Broker         |   | 18%                                                                                                                       |   |
| Other industry |   | 11%                                                                                                                       |   |
| Rate regulated |   | -1%                                                                                                                       |   |
| Private        |   | -31%                                                                                                                      |   |
| Refinery       |   | -34%                                                                                                                      |   |

----

----

|           |   | Treatment and Disposal Revenue GrowthNine Months Ended September 30, 2010 vs. Nine Months Ended September 30, 2009 |   |
|----------------|--------|-------------------------------------------------------------------------------------------------------------------------|--------|
|           |   |                                                                                                                    |   |
| Government     |   | 28%                                                                                                                     |   |
| Other industry |   | 22%                                                                                                                     |   |
| Broker         |   | 11%                                                                                                                     |   |
| Rate Regulated |   | 0%                                                                                                                      |   |
| Refinery       |   | -19%                                                                                                                    |   |
| Private        |   | -75%                                                                                                                    |   |

----

----

----

----

----

|   | 2.1    | Share Purchase Agreement dated September 13, 2010 between Marsulex Inc. and US Ecology, Inc.                           |
|--------|--------|------------------------------------------------------------------------------------------------------------------------|
|   |   |                                                                                                                   |
|   | 15     | Letter re: Unaudited Interim Financial Statements                                                                      |
|   |   |                                                                                                                   |
|   | 31.1   | Certification of CEO Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002                                         |
|   |   |                                                                                                                   |
|   | 31.2   | Certification of CFO Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002                                         |
|   |   |                                                                                                                   |
|   | 32     | Certification Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 |
|   |   |                                                                                                                   |

----

|                              | US Ecology, Inc.                                                       |
|-----------------------------------|------------------------------------------------------------------------|
|                              | (Registrant)                                                 |
| Date:  October 28, 2010 | /s/ Jeffrey R. Feeler                                                  |
|                              | Jeffrey R. FeelerVice President andChief Financial Officer   |

----