----

|                                                                                                               |
|--------------------------------------------------------------------------------------------------------------------|
| x  QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934                    |
|                                                                                                               |
| For the Quarterly Period Ended: March 31, 2011                                                                     |
| 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, 2011 and December 31, 2010                                   |   | 1      |
|                 |   |                                                                                                     |   |   |
|                 |   | Consolidated Statements of Operations for the three months ended March 31, 2011 and 2010                 |   | 2      |
|                 |   |                                                                                                     |   |   |
|                 |   | Consolidated Statements of Cash Flows for the three months ended March 31, 2011 and 2010                 |   | 3      |
|                 |   |                                                                                                     |   |   |
|                 |   | Consolidated Statements of Stockholders’ Equity for the three months ended March 31, 2011 and 2010 |   | 4      |
|                 |   |                                                                                                     |   |   |
|                 |   | Notes to Consolidated Financial Statements                                                               |   | 5      |
|                 |   |                                                                                                     |   |   |
|                 |   | 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                                               |   | 18     |
|                 |   |                                                                                                     |   |   |
| Item 4.              |   | Controls and Procedures                                                                                  |   | 19     |
|                 |   |                                                                                                     |   |   |
| PART II.             |   | OTHER INFORMATION                                                                                        |   |   |
|                 |   |                                                                                                     |   |   |
| Cautionary Statement |   | 19                                                                                                       |
|                 |   |                                                                                                     |   |   |
| Item 1.              |   | Legal Proceedings                                                                                        |   | 20     |
|                 |   |                                                                                                     |   |   |
| Item 1A.             |   | Risk Factors                                                                                             |   | 20     |
|                 |   |                                                                                                     |   |   |
| Item 2.              |   | Unregistered Sales of Equity Securities and Use of Proceeds                                              |   | 20     |
|                 |   |                                                                                                     |   |   |
| Item 3.              |   | Defaults Upon Senior Securities                                                                          |   | 20     |
|                 |   |                                                                                                     |   |   |
| Item 4.              |   | Removed and Reserved                                                                                     |   | 20     |
|                 |   |                                                                                                     |   |   |
| Item 5.              |   | Other Information                                                                                        |   | 20     |
|                 |   |                                                                                                     |   |   |
| Item 6.              |   | Exhibits                                                                                                 |   | 21     |
|                 |   |                                                                                                     |   |   |
| SIGNATURE            |   | 22                                                                                                       |

----

|                                                                                           |   | March 31, 2011 |    |   | December 31, 2010 |   |
|------------------------------------------------------------------------------------------------|--------|----------------|---------|--------|-------------------|--------|
| Assets                                                                                         |   |           |    |   |              |   |
|                                                                                           |   |           |    |   |              |   |
| Current Assets:                                                                                |   |           |    |   |              |   |
| Cash and cash equivalents                                                                      |   | $              | 3,709   |   |              | $      | 6,342 |   |
| Receivables, net                                                                               |   |           | 24,913  |   |              |   | 33,553 |   |
| Prepaid expenses and other current assets                                                      |   |           | 2,943   |   |              |   | 2,635 |   |
| Income taxes receivable                                                                        |   |           | 258     |   |              |   | - |   |
| Deferred income taxes                                                                          |   |           | 906     |   |              |   | 455 |   |
| Total current assets                                                                           |   |           | 32,729  |   |              |   | 42,985 |   |
|                                                                                           |   |           |    |   |              |   |   |   |
| Property and equipment, net                                                                    |   |           | 106,705 |   |              |   | 105,822 |   |
| Restricted cash                                                                                |   |           | 4,115   |   |              |   | 4,115 |   |
| Intangible assets, net                                                                         |   |           | 42,403  |   |              |   | 41,740 |   |
| Goodwill                                                                                       |   |           | 22,325  |   |              |   | 21,790 |   |
| Other assets                                                                                   |   |           | 892     |   |              |   | 897 |   |
| Total assets                                                                                   |   | $              | 209,169 |   |              | $      | 217,349 |   |
|                                                                                           |   |           |    |   |              |   |   |   |
| Liabilities And Stockholders’ Equity                                                     |   |           |    |   |              |   |   |   |
|                                                                                           |   |           |    |   |              |   |   |   |
| Current Liabilities:                                                                           |   |           |    |   |              |   |   |   |
| Accounts payable                                                                               |   | $              | 5,755   |   |              | $      | 5,033 |   |
| Deferred revenue                                                                               |   |           | 4,198   |   |              |   | 3,620 |   |
| Accrued liabilities                                                                            |   |           | 5,511   |   |              |   | 8,188 |   |
| Accrued salaries and benefits                                                                  |   |           | 2,926   |   |              |   | 4,051 |   |
| Income taxes payable                                                                           |   |           | 1,833   |   |              |   | 2,615 |   |
| Current portion of closure and post-closure obligations                                        |   |           | 1,350   |   |              |   | 778 |   |
| Current portion of capital lease obligations                                                   |   |           | 5       |   |              |   | 7 |   |
| Total current liabilities                                                                      |   |           | 21,578  |   |              |   | 24,292 |   |
|                                                                                           |   |           |    |   |              |   |   |   |
| Long-term closure and post-closure obligations                                                 |   |           | 15,702  |   |              |   | 15,995 |   |
| Long-term capital lease obligations                                                            |   |           | 2       |   |              |   | 3 |   |
| Reducing revolving line of credit                                                              |   |           | 55,500  |   |              |   | 63,000 |   |
| Other long-term liabilities                                                                    |   |           | 206     |   |              |   | 201 |   |
| Deferred income taxes                                                                          |   |           | 20,599  |   |              |   | 19,146 |   |
| Total liabilities                                                                              |   |           | 113,587 |   |              |   | 122,637 |   |
|                                                                                           |   |           |    |   |              |   |   |   |
| Contingencies and commitments                                                                  |   |           |    |   |              |   |   |   |
|                                                                                           |   |           |    |   |              |   |   |   |
| Stockholders’ Equity:                                                                    |   |           |    |   |              |   |   |   |
| Common stock $0.01 par value, 50,000 authorized; 18,311 and 18,311 shares issued, respectively |   |           | 183     |   |              |   | 183 |   |
| Additional paid-in capital                                                                     |   |           | 61,796  |   |              |   | 61,892 |   |
| Retained earnings                                                                              |   |           | 33,925  |   |              |   | 33,940 |   |
| Treasury stock, at cost, 101 and 119 shares, respectively                                      |   |           | (1,680  | )      |              |   | (1,979 | ) |
| Accumulated other comprehensive income                                                         |   |           | 1,358   |   |              |   | 676 |   |
| Total stockholders’ equity                                                               |   |           | 95,582  |   |              |   | 94,712 |   |
| Total liabilities and stockholders’ equity                                               |   | $              | 209,169 |   |              | $      | 217,349 |   |

----

|                                           |   | Three Months Ended |   |
|------------------------------------------------|--------|--------------------|--------|
|                                           |   | March 31,          |   |
|                                           |   | 2011               |   |   | 2010 |   |
|                                           |   |               |   |   |   |   |
| Revenue                                        |   | $                  | 34,143 |   |   | $ | 19,540 |   |
| Other direct operating costs                   |   |               | 17,690 |   |   |   | 10,285 |   |
| Transportation costs                           |   |               | 6,984  |   |   |   | 2,680 |   |
|                                           |   |               |   |   |   |   |   |   |
| Gross profit                                   |   |               | 9,469  |   |   |   | 6,575 |   |
|                                           |   |               |   |   |   |   |   |   |
| Selling, general and administrative expenses   |   |               | 4,828  |   |   |   | 3,567 |   |
|                                           |   |               |   |   |   |   |   |   |
| Operating income                               |   |               | 4,641  |   |   |   | 3,008 |   |
|                                           |   |               |   |   |   |   |   |   |
| Other income (expense):                        |   |               |   |   |   |   |   |   |
| Interest income                                |   |               | 10     |   |   |   | 14 |   |
| Interest expense                               |   |               | (446   | ) |   |   | (1 | ) |
| Foreign currency gain (loss)                   |   |               | 1,250  |   |   |   | (17 | ) |
| Other                                          |   |               | 99     |   |   |   | 58 |   |
|                                           |   |               |   |   |   |   |   |   |
| Total other income                             |   |               | 913    |   |   |   | 54 |   |
|                                           |   |               |   |   |   |   |   |   |
| Income before income taxes                     |   |               | 5,554  |   |   |   | 3,062 |   |
| Income tax expense                             |   |               | 2,294  |   |   |   | 1,272 |   |
|                                           |   |               |   |   |   |   |   |   |
| Net income                                     |   | $                  | 3,260  |   |   | $ | 1,790 |   |
|                                           |   |               |   |   |   |   |   |   |
| Earnings per share:                            |   |               |   |   |   |   |   |   |
| Basic                                          |   | $                  | 0.18   |   |   | $ | 0.10 |   |
| Diluted                                        |   | $                  | 0.18   |   |   | $ | 0.10 |   |
|                                           |   |               |   |   |   |   |   |   |
| Shares used in earnings per share calculation: |   |               |   |   |   |   |   |   |
| Basic                                          |   |               | 18,186 |   |   |   | 18,163 |   |
| Diluted                                        |   |               | 18,210 |   |   |   | 18,185 |   |
|                                           |   |               |   |   |   |   |   |   |
| Dividends paid per share                       |   | $                  | 0.18   |   |   | $ | 0.18 |   |

----

|                                                                                   |   | Three Months Ended March 31, |    |
|----------------------------------------------------------------------------------------|--------|------------------------------|---------|
|                                                                                   |   | 2011                         |    |   | 2010 |   |
| Cash Flows From Operating Activities:                                                  |   |                         |    |   |   |   |
| Net income                                                                             |   | $                            | 3,260   |   |   | $ | 1,790 |   |
| Adjustments to reconcile net income to net cash provided by operating activities: |   |                         |    |   |   |   |   |   |
| Depreciation, amortization and accretion                                               |   |                         | 3,758   |   |   |   | 1,792 |   |
| Unrealized foreign currency gain                                                       |   |                         | (1,303  | ) |   |   | - |   |
| Deferred income taxes                                                                  |   |                         | 670     |   |   |   | 169 |   |
| Stock-based compensation expense                                                       |   |                         | 203     |   |   |   | 393 |   |
| Net loss on sale of property and equipment                                             |   |                         | 2       |   |   |   | 48 |   |
| Investment premium amortization                                                        |   |                         | -       |   |   |   | 12 |   |
| Changes in assets and liabilities:                                                     |   |                         |    |   |   |   |   |   |
| Receivables                                                                            |   |                         | 8,789   |   |   |   | 2,563 |   |
| Income tax receivable                                                                  |   |                         | (252    | ) |   |   | - |   |
| Other assets                                                                           |   |                         | (294    | ) |   |   | 583 |   |
| Accounts payable and accrued liabilities                                               |   |                         | (1,149  | ) |   |   | (1,236 | ) |
| Deferred revenue                                                                       |   |                         | 537     |   |   |   | 136 |   |
| Accrued salaries and benefits                                                          |   |                         | (1,147  | ) |   |   | (339 | ) |
| Income tax payable                                                                     |   |                         | (784    | ) |   |   | 898 |   |
| Closure and post-closure obligations                                                   |   |                         | (81     | ) |   |   | (83 | ) |
| Net cash provided by operating activities                                              |   |                         | 12,209  |   |   |   | 6,726 |   |
|                                                                                   |   |                         |    |   |   |   |   |   |
| Cash Flows From Investing Activities:                                                  |   |                         |    |   |   |   |   |   |
| Purchases of property and equipment                                                    |   |                         | (4,087  | ) |   |   | (2,114 | ) |
| Proceeds from sale of property and equipment                                           |   |                         | 11      |   |   |   | 16 |   |
| Restricted cash                                                                        |   |                         | -       |   |   |   | 4 |   |
| Net cash used in investing activities                                                  |   |                         | (4,076  | ) |   |   | (2,094 | ) |
|                                                                                   |   |                         |    |   |   |   |   |   |
| Cash Flows From Financing Activities:                                                  |   |                         |    |   |   |   |   |   |
| Payments on reducing revolving line of credit                                          |   |                         | (12,500 | ) |   |   | - |   |
| Proceeds from reducing revolving line of credit                                        |   |                         | 5,000   |   |   |   | - |   |
| Dividends paid                                                                         |   |                         | (3,275  | ) |   |   | (3,270 | ) |
| Payment of capital lease obligations                                                   |   |                         | (3      | ) |   |   | (3 | ) |
| Net cash used in financing activities                                                  |   |                         | (10,778 | ) |   |   | (3,273 | ) |
|                                                                                   |   |                         |    |   |   |   |   |   |
| Effect of foreign exchange rate changes on cash                                        |   |                         | 12      |   |   |   | - |   |
|                                                                                   |   |                         |    |   |   |   |   |   |
| (Decrease) increase in cash and cash equivalents                                       |   |                         | (2,633  | ) |   |   | 1,359 |   |
|                                                                                   |   |                         |    |   |   |   |   |   |
| Cash and cash equivalents at beginning of period                                       |   |                         | 6,342   |   |   |   | 31,347 |   |
|                                                                                   |   |                         |    |   |   |   |   |   |
| Cash and cash equivalents at end of period                                             |   | $                            | 3,709   |   |   | $ | 32,706 |   |
|                                                                                   |   |                         |    |   |   |   |   |   |
| Supplemental Disclosures                                                               |   |                         |    |   |   |   |   |   |
| Income taxes paid, net of receipts                                                     |   | $                            | 2,692   |   |   | $ | 206 |   |
| Interest paid                                                                          |   |                         | 258     |   |   |   | 1 |   |
| Non-cash investing and financing activities:                                           |   |                         |    |   |   |   |   |   |
| Capital expenditures in accounts payable                                               |   |                         | 947     |   |   |   | 328 |   |
|    Restricted stock issued from treasury shares                         |   | $                            | 299     |   |   | $ | 551 |   |

----

|                                                     |   | Common Shares Issued |       |   | Par Value Common Stock |   |   | Additional Paid-In Capital |   |   | Comprehensive Income |   |   | Accumulated Other Comprehensive Income |   |   | Retained Earnings |   |   | Treasury Stock |   |   | Total  |   |
|----------------------------------------------------------|--------|----------------------|------------|--------|------------------------|--------|--------|----------------------------|--------|--------|----------------------|--------|--------|----------------------------------------|--------|--------|-------------------|--------|--------|----------------|--------|--------|--------|--------|
| Balance 12-31-2009                                       |   |                 | 18,305,614 |   |                   | $      | 183    |                       |   | $      | 61,459               |   |   |                                   |   |   | $                 | -      |   |           | $      | 34,446 |   |   | $ | (2,590 | ) |   | $ | 93,498 |   |
| Net income                                               |   |                 | -          |   |                   |   | -      |                       |   |   | -                    |   |   | $                                      | 1,790  |   |              |   | -      |           |   |   | 1,790  |   |   |   | - |   |   |   | 1,790 |   |
| Comprehensive income                                     |   |                 | -          |   |                   |   | -      |                       |   |   | -                    |   |   | $                                      | 1,790  |   |              |   | -      |           |   |   | -      |   |   |   | - |   |   |   | - |   |
| Dividend paid                                            |   |                 | -          |   |                   |   | -      |                       |   |   | -                    |   |   |                                   |   |   |              |   | -      |           |   |   | (3,270 | )      |   |   | - |   |   |   | (3,270 | ) |
| Stock-based compensation                                 |   |                 | -          |   |                   |   | -      |                       |   |   | 393                  |   |   |                                   |   |   |              |   | -      |           |   |   | -      |   |   |   | - |   |   |   | 393 |   |
| Issuance of restricted common stock from treasury shares |   |                 | -          |   |                   |   | -      |                       |   |   | (551                 | )      |   |                                   |   |   |              |   | -      |           |   |   | -      |   |   |   | 551 |   |   |   | - |   |
| Balance 3-31-2010                                        |   |                 | 18,305,614 |   |                   | $      | 183    |                       |   | $      | 61,301               |   |   |                                   |   |   |              | $      | -      |           |   | $      | 32,966 |   |   | $ | (2,039 | ) |   | $ | 92,411 |   |
|                                                     |   |                 |       |   |                   |   |   |                       |   |   |                 |   |   |                                   |   |   |              |   |   |           |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                     |   |                 |       |   |                   |   |   |                       |   |   |                 |   |   |                                   |   |   |              |   |   |           |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                     |   |                 |       |   |                   |   |   |                       |   |   |                 |   |   |                                   |   |   |              |   |   |           |   |   |   |   |   |   |   |   |   |   |   |   |
| Balance 12-31-2010                                       |   |                 | 18,310,614 |   |                   | $      | 183    |                       |   | $      | 61,892               |   |   |                                   |   |   |              | $      | 676    |           |   | $      | 33,940 |   |   | $ | (1,979 | ) |   | $ | 94,712 |   |
| Net income                                               |   |                 | -          |   |                   |   | -      |                       |   |   | -                    |   |   | $                                      | 3,260  |   |              |   | -      |           |   |   | 3,260  |   |   |   | - |   |   |   | 3,260 |   |
| Foreign currency translation                             |   |                 | -          |   |                   |   | -      |                       |   |   | -                    |   |   |                                   | 682    |   |              |   | 682    |           |   |   | -      |   |   |   | - |   |   |   | 682 |   |
| Comprehensive income                                     |   |                 | -          |   |                   |   | -      |                       |   |   | -                    |   |   | $                                      | 3,942  |   |              |   | -      |           |   |   | -      |   |   |   | - |   |   |   | - |   |
| Dividend paid                                            |   |                 | -          |   |                   |   | -      |                       |   |   | -                    |   |   |                                   |   |   |              |   | -      |           |   |   | (3,275 | )      |   |   | - |   |   |   | (3,275 | ) |
| Stock-based compensation                                 |   |                 | -          |   |                   |   | -      |                       |   |   | 203                  |   |   |                                   |   |   |              |   | -      |           |   |   | -      |   |   |   | - |   |   |   | 203 |   |
| Issuance of restricted common stock from treasury shares |   |                 | -          |   |                   |   | -      |                       |   |   | (299                 | )      |   |                                   |   |   |              |   | -      |           |   |   | -      |   |   |   | 299 |   |   |   | - |   |
| Balance 3-31-2011                                        |   |                 | 18,310,614 |   |                   | $      | 183    |                       |   | $      | 61,796               |   |   |                                   |   |   |              | $      | 1,358  |           |   | $      | 33,925 |   |   | $ | (1,680 | ) |   | $ | 95,582 |   |

----

|                                                 |   | March 31, |   |   | December 31, |   |
|------------------------------------------------------|--------|-----------|--------|--------|--------------|--------|
|                                                 |   | 2011      |   |   | 2010         |   |
| Cumulative adjustment of foreign currency statements |   | $         | 1,358  |   |         | $      | 676 |   |
| Accumulated other comprehensive income               |   | $         | 1,358  |   |         | $      | 676 |   |

----

|                          |   | Percent of Receivables |   |
|-------------------------------|--------|------------------------|--------|
|                          |   | March 31,              |   |   | December 31, |   |
| Customer                      |   | 2011                   |   |   | 2010 |   |
|                          |   |                   |   |   |   |   |
| U.S. Army Corps of Engineers  |   |                   | 11     | % |   |   | 12 | % |
| Honeywell International, Inc. |   |                   | 10     | % |   |   | 10 | % |
| PPG Industries                |   |                   | 10     | % |   |   | 0 | % |
| General Electric, Inc.        |   |                   | 0      | % |   |   | 10 | % |

|                            |   | March 31, |   |   | December 31, |   |
|---------------------------------|--------|-----------|--------|--------|--------------|--------|
| (in thousands)                  |   | 2011      |   |   | 2010         |   |
|                            |   |      |   |   |         |   |
| Trade                           |   | $         | 23,705 |   |         | $      | 32,221 |   |
| Unbilled revenue                |   |      | 1,023  |   |         |   | 1,463 |   |
| Other                           |   |      | 461    |   |         |   | 207 |   |
|                            |   |      | 25,189 |   |         |   | 33,891 |   |
| Allowance for doubtful accounts |   |      | (276   | )      |         |   | (338 | ) |
|                            |   | $         | 24,913 |   |         | $      | 33,553 |   |

|                                      |   | March 31, |    |   | December 31, |   |
|-------------------------------------------|--------|-----------|---------|--------|--------------|--------|
| (in thousands)                            |   | 2011      |    |   | 2010         |   |
|                                      |   |      |    |   |         |   |
| Cell development costs                    |   | $         | 59,066  |   |         | $      | 58,944 |   |
| Land and improvements                     |   |      | 13,249  |   |         |   | 13,016 |   |
| Buildings and improvements                |   |      | 51,136  |   |         |   | 44,228 |   |
| Railcars                                  |   |      | 17,375  |   |         |   | 17,375 |   |
| Vehicles and other equipment              |   |      | 31,935  |   |         |   | 31,252 |   |
| Construction in progress                  |   |      | 6,202   |   |         |   | 10,556 |   |
|                                      |   |      | 178,963 |   |         |   | 175,371 |   |
| Accumulated depreciation and amortization |   |      | (72,258 | )      |         |   | (69,549 | ) |
|                                      |   | $         | 106,705 |   |         | $      | 105,822 |   |

----

| (in thousands, except per share data) |   |                             |   |
|---------------------------------------|--------|----------------------------------|--------|
|                                  |   | (unaudited)                      |   |
|                                  |   | Three months endedMarch 31, 2010 |   |
| Pro forma combined revenues           |   | $                                | 26,747 |   |
| Pro forma combined net income         |   | $                                | 976    |   |
| Earnings per share                    |   |                             |   |   |
|    Basic               |   | $                                | 0.05   |   |
|    Dilutive            |   | $                                | 0.05   |   |

|                         |   | Three Months Ended March 31, 2011 |   |
|------------------------------|--------|-----------------------------------|--------|
| Balance, beginning of period |   | $                                 | 21,790 |   |
| Foreign currency translation |   |                              | 535    |   |
| Balance, end of period       |   | $                                 | 22,325 |   |

|                                |   | March 31, |   |   | December 31, |   |
|-------------------------------------|--------|-----------|--------|--------|--------------|--------|
|                                |   | 2011      |   |   | 2010         |   |
| Amortized intangible assets         |   |      |   |   |         |   |
| Developed software                  |   | $         | 360    |   |         | $      | 352 |   |
| Database                            |   |      | 103    |   |         |   | 100 |   |
| Customer relationships              |   |      | 4,203  |   |         |   | 4,102 |   |
| Technology - Formulae and processes |   |      | 9,374  |   |         |   | 9,149 |   |
| Permits, licenses and lease         |   |      | 28,791 |   |         |   | 28,101 |   |
|                                |   |      | 42,831 |   |         |   | 41,804 |   |
|                                |   |      |   |   |         |   |   |   |
| Accumulated amortization            |   |      | (603   | )      |         |   | (235 | ) |
|                                |   |      |   |   |         |   |   |   |
| Unamortized intangible assets       |   |      |   |   |         |   |   |   |
| Tradename                           |   |      | 175    |   |         |   | 171 |   |
|                                |   | $         | 42,403 |   |         | $      | 41,740 |   |

----

----

| (in thousands)       |   | Three Months Ended March 31, 2011 |   |
|----------------------|--------|-----------------------------------|--------|
|                 |   |                              |   |
| Beginning obligation |   | $                                 | 16,773 |   |
| Accretion expense    |   |                              | 323    |   |
| Payments             |   |                              | (81    | ) |
| Currency translation |   |                              | 37     |   |
| Ending obligation    |   |                              | 17,052 |   |
| Less current portion |   |                              | (1,350 | ) |
| Long-term portion    |   | $                                 | 15,702 |   |

| (in thousands, except per share data)                 |   | Three Months Ended March 31, |   |
|-------------------------------------------------------|--------|------------------------------|--------|
|                                                  |   | 2011                         |   |   | 2010 |   |
|                                                  |   | Basic                        |   |   | Diluted |   |   | Basic |   |   | Diluted |   |
| Net income                                            |   | $                            | 3,260  |   |   | $ | 3,260 |   |   | $ | 1,790 |   |   | $ | 1,790 |   |
|                                                  |   |                         |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Weighted average common shares outstanding            |   |                         | 18,186 |   |   |   | 18,186 |   |   |   | 18,163 |   |   |   | 18,163 |   |
|                                                  |   |                         |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Dilutive effect of stock options and restricted stock |   |                         |   |   |   |   | 24 |   |   |   |   |   |   |   | 22 |   |
| Weighted average shares outstanding                   |   |                         |   |   |   |   | 18,210 |   |   |   |   |   |   |   | 18,185 |   |
|                                                  |   |                         |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Earnings per share                                    |   | $                            | 0.18   |   |   | $ | 0.18 |   |   | $ | 0.10 |   |   | $ | 0.10 |   |
| Anti-dilutive shares excluded from calculation        |   |                         |   |   |   |   | 336 |   |   |   |   |   |   |   | 313 |   |

----

| (in thousands)                             |   | Operating Disposal Facilities |    |   | Non-Operating Disposal Facilities |   |   | Corporate |   |   | Total  |   |
|--------------------------------------------|--------|-------------------------------|---------|--------|-----------------------------------|--------|--------|-----------|--------|--------|--------|--------|
| Three months ended March 31, 2011          |   |                          |    |   |                              |   |   |      |   |   |   |   |
| Revenue - Treatment and disposal           |   | $                             | 27,678  |   |                              | $      | 4      |      |   | $      | -      |   |   | $ | 27,682 |   |
| Revenue - Transportation services          |   |                          | 6,461   |   |                              |   | -      |      |   |   | -      |   |   |   | 6,461 |   |
| Total revenue                              |   |                          | 34,139  |   |                              |   | 4      |      |   |   | -      |   |   |   | 34,143 |   |
| Other direct operating costs               |   |                          | 17,635  |   |                              |   | 55     |      |   |   | -      |   |   |   | 17,690 |   |
| Transportation costs                       |   |                          | 6,984   |   |                              |   | -      |      |   |   | -      |   |   |   | 6,984 |   |
| Gross profit (loss)                        |   |                          | 9,520   |   |                              |   | (51    | )         |   |   | -      |   |   |   | 9,469 |   |
| Selling, general & administration      |   |                          | 2,363   |   |                              |   | -      |      |   |   | 2,465  |   |   |   | 4,828 |   |
| Operating income (loss)                    |   |                          | 7,157   |   |                              |   | (51    | )         |   |   | (2,465 | )      |   |   | 4,641 |   |
| Interest income (expense), net             |   |                          | 8       |   |                              |   | -      |      |   |   | (444   | )      |   |   | (436 | ) |
| Foreign currency gain (loss)               |   |                          | (71     | )      |                              |   | -      |      |   |   | 1,321  |   |   |   | 1,250 |   |
| Other income                               |   |                          | 98      |   |                              |   | 1      |      |   |   | -      |   |   |   | 99 |   |
| Income (loss) before tax                   |   |                          | 7,192   |   |                              |   | (50    | )         |   |   | (1,588 | )      |   |   | 5,554 |   |
| Income tax expense                         |   |                          | -       |   |                              |   | -      |      |   |   | 2,294  |   |   |   | 2,294 |   |
| Net income (loss)                          |   | $                             | 7,192   |   |                              | $      | (50    | )         |   | $      | (3,882 | )      |   | $ | 3,260 |   |
| Depreciation, amortization & accretion |   | $                             | 3,693   |   |                              | $      | 55     |      |   | $      | 10     |   |   | $ | 3,758 |   |
| Capital expenditures                       |   | $                             | 4,014   |   |                              | $      | 12     |      |   | $      | 61     |   |   | $ | 4,087 |   |
| Total assets                               |   | $                             | 201,253 |   |                              | $      | 90     |      |   | $      | 7,826  |   |   | $ | 209,169 |   |

----

| (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 |   |
| Other direct operating costs               |   |                          | 10,189 |   |                              |   | 96     |      |   |   | -      |   |   |   | 10,285 |   |
| Transportation costs                       |   |                          | 2,680  |   |                              |   | -      |      |   |   | -      |   |   |   | 2,680 |   |
| Gross profit (loss)                        |   |                          | 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 income (expense), net             |   |                          | -      |   |                              |   | -      |      |   |   | 13     |   |   |   | 13 |   |
| Foreign currency gain (loss)               |   |                          | (17    | )      |                              |   | -      |      |   |   | -      |   |   |   | (17 | ) |
| Other income                               |   |                          | 56     |   |                              |   | 2      |      |   |   | -      |   |   |   | 58 |   |
| Income (loss) before tax                   |   |                          | 5,189  |   |                              |   | (90    | )         |   |   | (2,037 | )      |   |   | 3,062 |   |
| Income tax expense                         |   |                          | -      |   |                              |   | -      |      |   |   | 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) |   | Three Months Ended March 31, |   |
|----------------|--------|------------------------------|--------|
|           |   | 2011                         |   |   | 2010 |   |
| United States  |   | $                            | 25,123 |   |   | $ | 19,540 |   |
| Canada         |   |                         | 9,020  |   |   |   | - |   |
|           |   | $                            | 34,143 |   |   | $ | 19,540 |   |

| (in thousands) |   | March 31, |    |   | December 31, |   |
|----------------|--------|-----------|---------|--------|--------------|--------|
|           |   | 2011      |    |   | 2010         |   |
| United States  |   | $         | 75,707  |   |         | $      | 74,734 |   |
| Canada         |   |      | 73,401  |   |         |   | 72,828 |   |
|           |   | $         | 149,108 |   |         | $      | 147,562 |   |

----

----

| Customer Category                               |   | Description                                                                                                                                                                                    |   | % of Treatment and Disposal Revenue (1)for the Three Months endedMarch 31, 2011 |   | % of Treatment and Disposal Revenue (1)for the Three Months endedMarch 31, 2010 |
|-------------------------------------------------|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|---------------------------------------------------------------------------------|--------|---------------------------------------------------------------------------------|
| Broker                                          |   | Companies that collect and aggregate waste from their direct customers, comprised of both Base and Event clean-up business.                                                                    |   | 48%                                                                             |   | 43%                                                                             |
|                                            |   |                                                                                                                                                                                           |   |                                                                            |   |                                                                            |
| 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. |   | 17%                                                                             |   | 12%                                                                             |
|                                            |   |                                                                                                                                                                                           |   |                                                                            |   |                                                                            |
| Government                                      |   | Federal and State government clean-up project waste, comprised of both Base Business and Event clean-up business.                                                                              |   | 12%                                                                             |   | 16%                                                                             |
|                                            |   |                                                                                                                                                                                           |   |                                                                            |   |                                                                            |
| Refinery                                        |   | Petroleum refinery customers, comprised of both Base and Event clean-up business.                                                                                                              |   | 10%                                                                             |   | 15%                                                                             |
|                                            |   |                                                                                                                                                                                           |   |                                                                            |   |                                                                            |
| Private Clean-up                                |   | Private sector clean-up project waste, typically Event Business.                                                                                                                               |   | 8%                                                                              |   | 6%                                                                              |
|                                            |   |                                                                                                                                                                                           |   |                                                                            |   |                                                                            |
| Rate regulated                                  |   | Northwest and Rocky Mountain Compact customers paying rate-regulated disposal fees set by the State of Washington, predominantly Base Business.                                                |   | 5%                                                                              |   | 8%                                                                              |
|                                            |   |                                                                                                                                                                                           |   |                                                                            |   |                                                                            |
| (1) Excludes all transportation service revenue |   |                                                                                                                                                                                           |   |                                                                            |

----

----

| (in thousands, except per                      |   | Three Months Ended March 31, |   |
|------------------------------------------------|--------|------------------------------|--------|
| share amounts)                                 |   | 2011                         |   |   | % |   |   | 2010 |   |   | % |   |
|                                           |   |                         |   |   |   |   |   |   |   |   |   |   |
| Revenue                                        |   | $                            | 34,143 |   |   |   | 100.0 | % |   | $ | 19,540 |   |   |   | 100.0 | % |
| Direct operating costs                         |   |                         | 17,690 |   |   |   | 51.8 | % |   |   | 10,285 |   |   |   | 52.6 | % |
| Transportation costs                           |   |                         | 6,984  |   |   |   | 20.5 | % |   |   | 2,680 |   |   |   | 13.8 | % |
|                                           |   |                         |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Gross profit                                   |   |                         | 9,469  |   |   |   | 27.7 | % |   |   | 6,575 |   |   |   | 33.6 | % |
|                                           |   |                         |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Selling, general and administrative expenses   |   |                         | 4,828  |   |   |   | 14.1 | % |   |   | 3,567 |   |   |   | 18.2 | % |
| Operating income                               |   |                         | 4,641  |   |   |   | 13.6 | % |   |   | 3,008 |   |   |   | 15.4 | % |
|                                           |   |                         |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                           |   |                         |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Other income (expense):                        |   |                         |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Interest income                                |   |                         | 10     |   |   |   | 0.0 | % |   |   | 14 |   |   |   | 0.1 | % |
| Interest expense                               |   |                         | (446   | ) |   |   | -1.3 | % |   |   | (1 | ) |   |   | 0.0 | % |
| Foreign currency gain (loss)                   |   |                         | 1,250  |   |   |   | 3.7 | % |   |   | (17 | ) |   |   | -0.1 | % |
| Other                                          |   |                         | 99     |   |   |   | 0.3 | % |   |   | 58 |   |   |   | 0.3 | % |
| Total other income                             |   |                         | 913    |   |   |   | 2.7 | % |   |   | 54 |   |   |   | 0.3 | % |
|                                           |   |                         |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                           |   |                         |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Income before income taxes                     |   |                         | 5,554  |   |   |   | 16.3 | % |   |   | 3,062 |   |   |   | 15.7 | % |
| Income taxes                                   |   |                         | 2,294  |   |   |   | 6.8 | % |   |   | 1,272 |   |   |   | 6.5 | % |
| Net income                                     |   | $                            | 3,260  |   |   |   | 9.5 | % |   | $ | 1,790 |   |   |   | 9.2 | % |
|                                           |   |                         |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Earnings per share:                            |   |                         |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Basic                                          |   | $                            | 0.18   |   |   |   |   |   |   | $ | 0.10 |   |   |   |   |   |
| Dilutive                                       |   | $                            | 0.18   |   |   |   |   |   |   | $ | 0.10 |   |   |   |   |   |
|                                           |   |                         |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Shares used in earnings per share calculation: |   |                         |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Basic                                          |   |                         | 18,186 |   |   |   |   |   |   |   | 18,163 |   |   |   |   |   |
| Dilutive                                       |   |                         | 18,210 |   |   |   |   |   |   |   | 18,185 |   |   |   |   |   |
|                                           |   |                         |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Dividends paid per share                       |   | $                            | 0.18   |   |   |   |   |   |   | $ | 0.18 |   |   |   |   |   |

----

|           |   | Treatment and Disposal Revenue GrowthThree Months Ended March 31, 2011 vs. Three Months Ended March 31, 2010 |
|----------------|--------|-------------------------------------------------------------------------------------------------------------------|
|           |   |                                                                                                              |
| Other industry |   | 123%                                                                                                              |
| Private        |   | 121%                                                                                                              |
| Broker         |   | 78%                                                                                                               |
| Government     |   | 22%                                                                                                               |
| Refinery       |   | 14%                                                                                                               |
| Rate regulated |   | 3%                                                                                                                |

----

----

----

----

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|                                                                                                               | 10.59  | *Management Incentive Plan Effective January 1, 2011                                                                   |
|--------------------------------------------------------------------------------------------------------------------|--------|------------------------------------------------------------------------------------------------------------------------|
|                                                                                                               |   |                                                                                                                   |
|                                                                                                               | 10.82  | *Amended and Restated 2005 Non-Employee Director Compensation Plan                                                     |
|                                                                                                               |   |                                                                                                                   |
|                                                                                                               | 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. |
|                                                                                                               |   |                                                                                                                   |
|                                                                                                               |   |                                                                                                                   |
|                                                                                                               |   |                                                                                                                   |

----

|                         | US Ecology, Inc.                                           |
|------------------------------|------------------------------------------------------------|
|                         | (Registrant)                                     |
| Date:  May 4, 2011 | /s/ Jeffrey R. Feeler                                      |
|                         | Jeffrey R. FeelerVice President andChief Financial Officer |

----