Archer-Daniels-Midland re-commits to 550 Mgy ethanol expansion in 2008; alludes to other options

Archer-Daniels-Midland said that it will continue with plans to build 550 Mgy in added ethanol capacity in 2008, but said that ADM would switch to high fructose corn syrup or lysine production if ethanol became unprofitable.

The added capacity comes in the form of two 275 Mgy plants, among the largest corn ethanol plants in the world.

ADM recently signed a deal with ConcoPhillips to develop bio-crude, an alternative to ethanol. The company earned nearly 25% of its operating profit from ethanol before ethanol prices began to drop.

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