----

----

|                                                                                                                |
|---------------------------------------------------------------------------------------------------------------------|
| x QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934                      |
|                                                                                                                |
| For the Quarterly Period Ended: March 31, 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 March 31, 2010 and December 31, 2009                      | 3      |
|                 |                                                                                        |   |
|                 | Consolidated Statements of Operations for the three months ended March 31, 2010 and 2009    | 4      |
|                 |                                                                                        |   |
|                 | Consolidated Statements of Cash Flows for the three months ended March 31, 2010 and 2009    | 5      |
|                 |                                                                                        |   |
|                 | Notes to Consolidated Financial Statements                                                  | 6      |
|                 |                                                                                        |   |
|                 | Report of Independent Registered Public Accounting Firm                                     | 12     |
|                 |                                                                                        |   |
| Item 2.              | Management’s Discussion and Analysis of Financial Condition and Results of Operations | 13     |
|                 |                                                                                        |   |
| Item 3.              | Quantitative and Qualitative Disclosures About Market Risk                                  | 19     |
|                 |                                                                                        |   |
| Item 4.              | Controls and Procedures                                                                     | 19     |
|                 |                                                                                        |   |
| PART II.             | OTHER INFORMATION                                                                           |   |
|                 |                                                                                        |   |
| Cautionary Statement | 20                                                                                          |
|                 |                                                                                        |   |
| Item 1.              | Legal Proceedings                                                                           | 20     |
|                 |                                                                                        |   |
| Item 1A.             | Risk Factors                                                                                | 21     |
|                 |                                                                                        |   |
| Item 2.              | Unregistered Sales of Equity Securities and Use of Proceeds                                 | 21     |
|                 |                                                                                        |   |
| Item 3.              | Defaults Upon Senior Securities                                                             | 21     |
|                 |                                                                                        |   |
| Item 4.              | Removed and Reserved                                                                        | 21     |
|                 |                                                                                        |   |
| Item 5.              | Other Information                                                                           | 21     |
|                 |                                                                                        |   |
| Item 6.              | Exhibits                                                                                    | 22     |
|                 |                                                                                        |   |
| SIGNATURE            | 23                                                                                          |

----

|                                                                     |   | March 31, 2010 |    |   | December 31, 2009 |   |
|--------------------------------------------------------------------------|--------|----------------|---------|--------|-------------------|--------|
| Assets                                                                   |   |           |    |   |              |   |
|                                                                     |   |           |    |   |              |   |
| Current Assets:                                                          |   |           |    |   |              |   |
| Cash and cash equivalents                                                |   | $              | 32,706  |   |              | $      | 31,347 |   |
| Short-term investments                                                   |   |           | 1,383   |   |              |   | 1,395 |   |
| Receivables, net                                                         |   |           | 13,739  |   |              |   | 16,302 |   |
| Prepaid expenses and other current assets                                |   |           | 1,200   |   |              |   | 1,752 |   |
| Deferred income taxes                                                    |   |           | 252     |   |              |   | 41 |   |
| Total current assets                                                     |   |           | 49,280  |   |              |   | 50,837 |   |
|                                                                     |   |           |    |   |              |   |   |   |
| Property and equipment, net                                              |   |           | 68,341  |   |              |   | 67,485 |   |
| Restricted cash                                                          |   |           | 4,796   |   |              |   | 4,800 |   |
| Other assets                                                             |   |           | 509     |   |              |   | 540 |   |
| Total assets                                                             |   | $              | 122,926 |   |              | $      | 123,662 |   |
|                                                                     |   |           |    |   |              |   |   |   |
| Liabilities and Stockholders’ Equity                               |   |           |    |   |              |   |   |   |
|                                                                     |   |           |    |   |              |   |   |   |
| Current Liabilities:                                                     |   |           |    |   |              |   |   |   |
| Accounts payable                                                         |   | $              | 2,956   |   |              | $      | 4,264 |   |
| Deferred revenue                                                         |   |           | 1,489   |   |              |   | 1,353 |   |
| Accrued liabilities                                                      |   |           | 4,550   |   |              |   | 4,150 |   |
| Accrued salaries and benefits                                            |   |           | 1,396   |   |              |   | 1,735 |   |
| Income taxes payable                                                     |   |           | 1,099   |   |              |   | 201 |   |
| Current portion of closure and post-closure obligations                  |   |           | 1,366   |   |              |   | 293 |   |
| Current portion of capital lease obligations                             |   |           | 11      |   |              |   | 11 |   |
| Total current liabilities                                                |   |           | 12,867  |   |              |   | 12,007 |   |
|                                                                     |   |           |    |   |              |   |   |   |
| Long-term closure and post-closure obligations                           |   |           | 12,184  |   |              |   | 13,070 |   |
| Long-term capital lease obligations                                      |   |           | 7       |   |              |   | 10 |   |
| Deferred income taxes                                                    |   |           | 5,457   |   |              |   | 5,077 |   |
| Total liabilities                                                        |   |           | 30,515  |   |              |   | 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                                               |   |           | 61,301  |   |              |   | 61,459 |   |
| Retained earnings                                                        |   |           | 32,966  |   |              |   | 34,446 |   |
| Common stock held in treasury, at cost, 122 and 155 shares, respectively |   |           | (2,039  | )      |              |   | (2,590 | ) |
| Total stockholders’ equity                                         |   |           | 92,411  |   |              |   | 93,498 |   |
| Total liabilities and stockholders’ equity                         |   | $              | 122,926 |   |              | $      | 123,662 |   |

----

|                                           |   | Three Months Ended |   |
|------------------------------------------------|--------|--------------------|--------|
|                                           |   | March 31,          |   |
|                                           |   | 2010               |   |   | 2009 |   |
|                                           |   |               |   |   |   |   |
| Revenue                                        |   | $                  | 19,540 |   |   | $ | 34,965 |   |
| Direct operating costs                         |   |               | 10,285 |   |   |   | 11,245 |   |
| Transportation costs                           |   |               | 2,680  |   |   |   | 14,174 |   |
|                                           |   |               |   |   |   |   |   |   |
| Gross profit                                   |   |               | 6,575  |   |   |   | 9,546 |   |
|                                           |   |               |   |   |   |   |   |   |
| Selling, general and administrative expenses   |   |               | 3,567  |   |   |   | 3,573 |   |
| Operating income                               |   |               | 3,008  |   |   |   | 5,973 |   |
|                                           |   |               |   |   |   |   |   |   |
| Other income (expense):                        |   |               |   |   |   |   |   |   |
| Interest income                                |   |               | 14     |   |   |   | 48 |   |
| Interest expense                               |   |               | (1     | ) |   |   | (1 | ) |
| Other                                          |   |               | 41     |   |   |   | 33 |   |
| Total other income                             |   |               | 54     |   |   |   | 80 |   |
|                                           |   |               |   |   |   |   |   |   |
| Income before income taxes                     |   |               | 3,062  |   |   |   | 6,053 |   |
| Income taxes                                   |   |               | 1,272  |   |   |   | 2,409 |   |
| Net income                                     |   | $                  | 1,790  |   |   | $ | 3,644 |   |
|                                           |   |               |   |   |   |   |   |   |
| Earnings per share:                            |   |               |   |   |   |   |   |   |
| Basic                                          |   | $                  | 0.10   |   |   | $ | 0.20 |   |
| Dilutive                                       |   | $                  | 0.10   |   |   | $ | 0.20 |   |
|                                           |   |               |   |   |   |   |   |   |
| Shares used in earnings per share calculation: |   |               |   |   |   |   |   |   |
| Basic                                          |   |               | 18,163 |   |   |   | 18,143 |   |
| Dilutive                                       |   |               | 18,185 |   |   |   | 18,176 |   |
|                                           |   |               |   |   |   |   |   |   |
| Dividends paid per share                       |   | $                  | 0.18   |   |   | $ | 0.18 |   |

----

|                                                                              |   | Three Months Ended March 31, |   |
|-----------------------------------------------------------------------------------|--------|------------------------------|--------|
|                                                                              |   | 2010                         |   |   | 2009 |   |
| Cash Flows From Operating Activities:                                             |   |                         |   |   |   |   |
| Net income                                                                        |   | $                            | 1,790  |   |   | $ | 3,644 |   |
| Adjustments to reconcile net income to net cash provided by operating activities: |   |                         |   |   |   |   |   |   |
| Depreciation, amortization and accretion                                          |   |                         | 1,792  |   |   |   | 2,286 |   |
| Deferred income taxes                                                             |   |                         | 169    |   |   |   | 240 |   |
| Stock-based compensation expense                                                  |   |                         | 393    |   |   |   | 218 |   |
| Net loss (gain) on sale of property and equipment                                 |   |                         | 48     |   |   |   | (34 | ) |
| Investment premium amortization                                                   |   |                         | 12     |   |   |   | - |   |
| Changes in assets and liabilities:                                                |   |                         |   |   |   |   |   |   |
| Receivables                                                                       |   |                         | 2,563  |   |   |   | 5,213 |   |
| Income tax receivable                                                             |   |                         | -      |   |   |   | 2,452 |   |
| Other assets                                                                      |   |                         | 583    |   |   |   | 121 |   |
| Accounts payable and accrued liabilities                                          |   |                         | (1,236 | ) |   |   | (1,722 | ) |
| Deferred revenue                                                                  |   |                         | 136    |   |   |   | 477 |   |
| Accrued salaries and benefits                                                     |   |                         | (339   | ) |   |   | (1,202 | ) |
| Income tax payable                                                                |   |                         | 898    |   |   |   | - |   |
| Closure and post-closure obligations                                              |   |                         | (83    | ) |   |   | (148 | ) |
| Net cash provided by operating activities                                         |   |                         | 6,726  |   |   |   | 11,545 |   |
|                                                                              |   |                         |   |   |   |   |   |   |
| Cash Flows From Investing Activities:                                             |   |                         |   |   |   |   |   |   |
| Purchases of property and equipment                                               |   |                         | (2,114 | ) |   |   | (2,661 | ) |
| Proceeds from sale of property and equipment                                      |   |                         | 16     |   |   |   | 42 |   |
| Restricted cash                                                                   |   |                         | 4      |   |   |   | (8 | ) |
| Net cash used in investing activities                                             |   |                         | (2,094 | ) |   |   | (2,627 | ) |
|                                                                              |   |                         |   |   |   |   |   |   |
| Cash Flows From Financing Activities:                                             |   |                         |   |   |   |   |   |   |
| Dividends paid                                                                    |   |                         | (3,270 | ) |   |   | (3,267 | ) |
| Common stock repurchases                                                          |   |                         | -      |   |   |   | (2 | ) |
| Other                                                                             |   |                         | (3     | ) |   |   | (1 | ) |
| Net cash used in financing activities                                             |   |                         | (3,273 | ) |   |   | (3,270 | ) |
|                                                                              |   |                         |   |   |   |   |   |   |
| Increase in cash and cash equivalents                                             |   |                         | 1,359  |   |   |   | 5,648 |   |
|                                                                              |   |                         |   |   |   |   |   |   |
| Cash and cash equivalents at beginning of period                                  |   |                         | 31,347 |   |   |   | 18,473 |   |
|                                                                              |   |                         |   |   |   |   |   |   |
| Cash and cash equivalents at end of period                                        |   | $                            | 32,706 |   |   | $ | 24,121 |   |
|                                                                              |   |                         |   |   |   |   |   |   |
| Supplemental Disclosures                                                          |   |                         |   |   |   |   |   |   |
| Income taxes paid, net of receipts                                                |   | $                            | 206    |   |   | $ | (399 | ) |
| Interest paid                                                                     |   |                         | 1      |   |   |   | 1 |   |
| Non-cash investing and financing activities:                                      |   |                         |   |   |   |   |   |   |
| Capital expenditures in accounts payable                                          |   |                         | 328    |   |   |   | 128 |   |
| Restricted stock issued from treasury shares                                      |   |                         | 551    |   |   |   | - |   |

----

----

|                            |   | March 31, |   |   | December 31, |   |
|---------------------------------|--------|-----------|--------|--------|--------------|--------|
| (in thousands)                  |   | 2010      |   |   | 2009         |   |
|                            |   |      |   |   |         |   |
| Trade                           |   | $         | 12,977 |   |         | $      | 16,016 |   |
| Unbilled revenue                |   |      | 750    |   |         |   | 337 |   |
| Other                           |   |      | 114    |   |         |   | 70 |   |
|                            |   |      | 13,841 |   |         |   | 16,423 |   |
| Allowance for doubtful accounts |   |      | (102   | )      |         |   | (121 | ) |
|                            |   | $         | 13,739 |   |         | $      | 16,302 |   |

----

|                                      |   | March 31, |    |   | December 31, |   |
|-------------------------------------------|--------|-----------|---------|--------|--------------|--------|
| (in thousands)                            |   | 2010      |    |   | 2009         |   |
|                                      |   |      |    |   |         |   |
| Cell development costs                    |   | $         | 48,519  |   |         | $      | 44,029 |   |
| Land and improvements                     |   |      | 9,773   |   |         |   | 9,773 |   |
| Buildings and improvements                |   |      | 29,201  |   |         |   | 29,151 |   |
| Railcars                                  |   |      | 17,375  |   |         |   | 17,375 |   |
| Vehicles and other equipment              |   |      | 22,243  |   |         |   | 21,824 |   |
| Construction in progress                  |   |      | 5,139   |   |         |   | 7,822 |   |
|                                      |   |      | 132,250 |   |         |   | 129,974 |   |
| Accumulated depreciation and amortization |   |      | (63,909 | )      |         |   | (62,489 | ) |
|                                      |   | $         | 68,341  |   |         | $      | 67,485 |   |

----

| (in thousands)       |   | Three Months EndedMarch 31, 2010 |   |
|----------------------|--------|----------------------------------|--------|
|                 |   |                             |   |
| Beginning obligation |   | $                                | 13,363 |   |
| Accretion expense    |   |                             | 270    |   |
| Payments             |   |                             | (83    | ) |
| Adjustments          |   |                             | -      |   |
| Ending obligation    |   |                             | 13,550 |   |
| Less current portion |   |                             | (1,366 | ) |
| Long-term portion    |   | $                                | 12,184 |   |

----

| (in thousands, except per share data)                 |   | Three Months Ended March 31, |   |
|-------------------------------------------------------|--------|------------------------------|--------|
|                                                  |   | 2010                         |   |   | 2009 |   |
|                                                  |   | Basic                        |   |   | Diluted |   |   | Basic |   |   | Diluted |   |
| Net income                                            |   | $                            | 1,790  |   |   | $ | 1,790 |   |   | $ | 3,644 |   |   | $ | 3,644 |   |
| Weighted average common shares outstanding            |   |                         | 18,163 |   |   |   | 18,163 |   |   |   | 18,143 |   |   |   | 18,143 |   |
|                                                  |   |                         |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Dilutive effect of stock options and restricted stock |   |                         |   |   |   |   | 22 |   |   |   |   |   |   |   | 33 |   |
| Weighted average shares outstanding                   |   |                         |   |   |   |   | 18,185 |   |   |   |   |   |   |   | 18,176 |   |
|                                                  |   |                         |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Earnings per share                                    |   | $                            | 0.10   |   |   | $ | 0.10 |   |   | $ | 0.20 |   |   | $ | 0.20 |   |
| Anti-dilutive shares excluded from calculation        |   |                         |   |   |   |   | 313 |   |   |   |   |   |   |   | 264 |   |

----

| (in thousands)                             |   | Operating Disposal Facilities |   |   | Non-Operating Disposal Facilities |   |   | Corporate |   |   | Total  |   |
|--------------------------------------------|--------|-------------------------------|--------|--------|-----------------------------------|--------|--------|-----------|--------|--------|--------|--------|
| Three months ended March 31, 2010          |   |                          |   |   |                              |   |   |      |   |   |   |   |
| Revenue - Treatment and disposal           |   | $                             | 17,133 |   |                              | $      | 4      |      |   | $      | -      |   |   | $ | 17,137 |   |
| Revenue - Transportation services          |   |                          | 2,403  |   |                              |   | -      |      |   |   | -      |   |   |   | 2,403 |   |
| Total revenue                              |   |                          | 19,536 |   |                              |   | 4      |      |   |   | -      |   |   |   | 19,540 |   |
| Direct operating costs                     |   |                          | 10,189 |   |                              |   | 96     |      |   |   | -      |   |   |   | 10,285 |   |
| Transportation costs                       |   |                          | 2,680  |   |                              |   | -      |      |   |   | -      |   |   |   | 2,680 |   |
| Gross profit                               |   |                          | 6,667  |   |                              |   | (92    | )         |   |   | -      |   |   |   | 6,575 |   |
| Selling, general & administration      |   |                          | 1,517  |   |                              |   | -      |      |   |   | 2,050  |   |   |   | 3,567 |   |
| Operating income (loss)                    |   |                          | 5,150  |   |                              |   | (92    | )         |   |   | (2,050 | )      |   |   | 3,008 |   |
| Interest, net                              |   |                          | -      |   |                              |   | -      |      |   |   | 13     |   |   |   | 13 |   |
| Other income                               |   |                          | 39     |   |                              |   | 2      |      |   |   | -      |   |   |   | 41 |   |
| Income (loss) before income taxes          |   |                          | 5,189  |   |                              |   | (90    | )         |   |   | (2,037 | )      |   |   | 3,062 |   |
| Income taxes                               |   |                          | -      |   |                              |   | -      |      |   |   | 1,272  |   |   |   | 1,272 |   |
| Net income (loss)                          |   | $                             | 5,189  |   |                              | $      | (90    | )         |   | $      | (3,309 | )      |   | $ | 1,790 |   |
| Depreciation, amortization & accretion |   | $                             | 1,729  |   |                              | $      | 51     |      |   | $      | 12     |   |   | $ | 1,792 |   |
| Capital expenditures                       |   | $                             | 2,106  |   |                              | $      | -      |      |   | $      | 8      |   |   | $ | 2,114 |   |
| Total assets                               |   | $                             | 82,884 |   |                              | $      | 39     |      |   | $      | 40,003 |   |   | $ | 122,926 |   |

| (in thousands)                             |   | Operating Disposal Facilities |   |   | Non-Operating Disposal Facilities |   |   | Corporate |   |   | Total  |   |
|--------------------------------------------|--------|-------------------------------|--------|--------|-----------------------------------|--------|--------|-----------|--------|--------|--------|--------|
| Three months ended March 31, 2009          |   |                          |   |   |                              |   |   |      |   |   |   |   |
| Revenue - Treatment and disposal           |   | $                             | 20,738 |   |                              | $      | 4      |      |   | $      | -      |   |   | $ | 20,742 |   |
| Revenue - Transportation services          |   |                          | 14,223 |   |                              |   | -      |      |   |   | -      |   |   |   | 14,223 |   |
| Total revenue                              |   |                          | 34,961 |   |                              |   | 4      |      |   |   | -      |   |   |   | 34,965 |   |
| Transportation costs                       |   |                          | 14,174 |   |                              |   | -      |      |   |   | -      |   |   |   | 14,174 |   |
| Direct operating costs                     |   |                          | 11,189 |   |                              |   | 56     |      |   |   | -      |   |   |   | 11,245 |   |
| Gross profit                               |   |                          | 9,598  |   |                              |   | (52    | )         |   |   | -      |   |   |   | 9,546 |   |
| Selling, general & administration      |   |                          | 1,108  |   |                              |   | -      |      |   |   | 2,465  |   |   |   | 3,573 |   |
| Operating income (loss)                    |   |                          | 8,490  |   |                              |   | (52    | )         |   |   | (2,465 | )      |   |   | 5,973 |   |
| Interest, net                              |   |                          | (1     | )      |                              |   | -      |      |   |   | 48     |   |   |   | 47 |   |
| Other income                               |   |                          | 33     |   |                              |   | -      |      |   |   | -      |   |   |   | 33 |   |
| Income (loss) before income taxes          |   |                          | 8,522  |   |                              |   | (52    | )         |   |   | (2,417 | )      |   |   | 6,053 |   |
| Income taxes                               |   |                          | -      |   |                              |   | -      |      |   |   | 2,409  |   |   |   | 2,409 |   |
| Net income (loss)                          |   | $                             | 8,522  |   |                              | $      | (52    | )         |   | $      | (4,826 | )      |   | $ | 3,644 |   |
| Depreciation, amortization & accretion |   | $                             | 2,221  |   |                              | $      | 54     |      |   | $      | 11     |   |   | $ | 2,286 |   |
| Capital expenditures                       |   | $                             | 2,656  |   |                              | $      | -      |      |   | $      | 5      |   |   | $ | 2,661 |   |
| Total assets                               |   | $                             | 94,243 |   |                              | $      | 57     |      |   | $      | 31,412 |   |   | $ | 125,712 |   |

----

----

| Customer Category                               |   | Description                                                                                                                                                                                    |   | % of Treatment and Disposal Revenue (1) for the Three Months ended March 31, 2010 |   |   | % of Treatment and Disposal Revenue (1) for the three Months ended March 31, 2009 |   |
|-------------------------------------------------|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|-----------------------------------------------------------------------------------|--------|--------|-----------------------------------------------------------------------------------|--------|
| Broker                                          |   | Companies that collect and aggregate waste from their direct customers, comprised of both Base and Event clean-up business.                                                                    |   |                                                                              | 42%    |   |                                                                              |   | 33% |   |
| 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. |   |                                                                              | 20%    |   |                                                                              |   | 12% |   |
| Government                                      |   | Federal and State government clean-up project waste, comprised of both Base business and Event clean-up business.                                                                              |   |                                                                              | 15%    |   |                                                                              |   | 14% |   |
| Refinery                                        |   | Petroleum refinery customers, comprised of both Base and Event clean-up business.                                                                                                              |   |                                                                              | 14%    |   |                                                                              |   | 13% |   |
| Rate regulated                                  |   | Northwest and Rocky Mountain Compact customers paying rate-regulated disposal fees set by the State of Washington, predominantly Base business.                                                |   |                                                                              | 8%     |   |                                                                              |   | 7% |   |
| Private Clean-up                                |   | Private sector clean-up project waste, typically Event business.                                                                                                                               |   |                                                                              | 1%     |   |                                                                              |   | 21% |   |
|                                            |   |                                                                                                                                                                                           |   |                                                                              |   |   |                                                                              |   |
| (1) Excludes all transportation service revenue |   |                                                                                                                                                                                           |   |                                                                              |   |   |                                                                              |   |

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| (in thousands, except per                      |   | Three Months Ended March 31, |   |
|------------------------------------------------|--------|------------------------------|--------|
| share amounts)                                 |   | 2010                         |   |   | % |   |   | 2009 |   |   | % |   |
|                                           |   |                         |   |   |   |   |   |   |   |   |   |   |
| Revenue                                        |   | $                            | 19,540 |   |   |   | 100.0% |   |   | $ | 34,965 |   |   |   | 100.0% |   |
| Direct operating costs                         |   |                         | 10,285 |   |   |   | 52.6% |   |   |   | 11,245 |   |   |   | 32.2% |   |
| Transportation costs                           |   |                         | 2,680  |   |   |   | 13.7% |   |   |   | 14,174 |   |   |   | 40.5% |   |
|                                           |   |                         |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Gross profit                                   |   |                         | 6,575  |   |   |   | 33.7% |   |   |   | 9,546 |   |   |   | 27.3% |   |
|                                           |   |                         |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Selling, general and administrative expenses   |   |                         | 3,567  |   |   |   | 18.3% |   |   |   | 3,573 |   |   |   | 10.2% |   |
| Operating income                               |   |                         | 3,008  |   |   |   | 15.4% |   |   |   | 5,973 |   |   |   | 17.1% |   |
|                                           |   |                         |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                           |   |                         |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Other income (expense):                        |   |                         |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Interest income                                |   |                         | 14     |   |   |   | 0.1% |   |   |   | 48 |   |   |   | 0.1% |   |
| Interest expense                               |   |                         | (1     | ) |   |   | 0.0% |   |   |   | (1 | ) |   |   | 0.0% |   |
| Other                                          |   |                         | 41     |   |   |   | 0.2% |   |   |   | 33 |   |   |   | 0.1% |   |
| Total other income                             |   |                         | 54     |   |   |   | 0.3% |   |   |   | 80 |   |   |   | 0.2% |   |
|                                           |   |                         |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                           |   |                         |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Income before income taxes                     |   |                         | 3,062  |   |   |   | 15.7% |   |   |   | 6,053 |   |   |   | 17.3% |   |
| Income taxes                                   |   |                         | 1,272  |   |   |   | 6.5% |   |   |   | 2,409 |   |   |   | 6.9% |   |
| Net income                                     |   | $                            | 1,790  |   |   |   | 9.2% |   |   | $ | 3,644 |   |   |   | 10.4% |   |
|                                           |   |                         |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Earnings per share:                            |   |                         |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Basic                                          |   | $                            | 0.10   |   |   |   |   |   |   | $ | 0.20 |   |   |   |   |   |
| Dilutive                                       |   | $                            | 0.10   |   |   |   |   |   |   | $ | 0.20 |   |   |   |   |   |
|                                           |   |                         |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Shares used in earnings per share calculation: |   |                         |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Basic                                          |   |                         | 18,163 |   |   |   |   |   |   |   | 18,143 |   |   |   |   |   |
| Dilutive                                       |   |                         | 18,185 |   |   |   |   |   |   |   | 18,176 |   |   |   |   |   |
|                                           |   |                         |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Dividends paid per share                       |   | $                            | 0.18   |   |   |   |   |   |   | $ | 0.18 |   |   |   |   |   |

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|           |   | Treatment and Disposal Revenue GrowthThree Months Ended March 31, 2010 vs. Three Months Ended March 31, 2009 |
|----------------|--------|--------------------------------------------------------------------------------------------------------------|
|           |   |                                                                                                         |
| Other industry |   | 33%                                                                                                          |
| Broker         |   | 3%                                                                                                           |
| Rate regulated |   | -2%                                                                                                          |
| Government     |   | -9%                                                                                                          |
| Refinery       |   | -13%                                                                                                         |
| Private        |   | -97%                                                                                                         |

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|   | 10.57                                                                                                                  | *Management Incentive Plan Effective January 1, 2010                                                                   |
|--------|------------------------------------------------------------------------------------------------------------------------|------------------------------------------------------------------------------------------------------------------------|
|   |                                                                                                                   |                                                                                                                   |
|   | 10.58                                                                                                                  | Consulting Services Agreement, effective as of January 1, 2010, between the Company and Stephen A. Romano              |
|   |                                                                                                                   |                                                                                                                   |
|   | 10.71                                                                                                                  | *Employment Agreement, effective as of January 1, 2010, between the Company and James R. Baumgardner **                |
|   |                                                                                                                   |                                                                                                                   |
|   | 10.72                                                                                                                  | *Employment Agreement, effective as of January 1, 2010, between the Company and Simon Bell                             |
|   |                                                                                                                   |                                                                                                                   |
|   | 10.73                                                                                                                  | *Employment Agreement, effective as of January 1, 2010, between the Company and John Cooper                            |
|   |                                                                                                                   |                                                                                                                   |
|   | 10.74                                                                                                                  | *Employment Agreement, effective as of January 1, 2010, between the Company and Jeff  Feeler                 |
|   |                                                                                                                   |                                                                                                                   |
|   | 10.75                                                                                                                  | *Employment Agreement, effective as of January 1, 2010, between the Company and Eric Gerratt                           |
|   |                                                                                                                   |                                                                                                                   |
|   | 10.76                                                                                                                  | *Employment Agreement, effective as of January 1, 2010, between the Company and Steven D. Welling                      |
|   |                                                                                                                   |                                                                                                                   |
|   | 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 |
|   |                                                                                                                   |                                                                                                                   |
|   | * Identifies management contracts or compensatory plans or arrangements required to be filed as an exhibit hereto.     |
|   |                                                                                                                   |
|   | ** Certain portions of the exhibit have been omitted pursuant to a confidential treatment request submitted to the SEC |

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|                            | US Ecology, Inc.                                                       |
|---------------------------------|------------------------------------------------------------------------|
|                            | (Registrant)                                                           |
|                            |                                                                   |
|                            |                                                                   |
| Date:  April 30, 2010 | /s/ Jeffrey R. Feeler                                                  |
|                            | Jeffrey R. FeelerVice President and  Chief Financial Officer |

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