ADM CEO says company still aims to reduce its exposure to fuel ethanol

Source: By OPIS • Posted: Wednesday, April 28, 2021

Archer Daniels Midland (ADM), which earlier this month said it was restarting two large Midwest dry-mill ethanol plants it shut last spring, on Tuesday said that it is continuing to work to reduce its exposure to the biofuel. “From a portfolio management perspective, we are still committed to reducing our exposure to vehicle fuel ethanol,” CEO Juan Luciano said in a conference call to discuss the company’s first-quarter financial results. “As demand continues to grow for the wide range of innovative alternative products that can come from natural sources like corn, we expect to see additional interest from other parties involved in biomaterials and sustainable aviation fuel.” ADM idled the 300-million-gal/year Cedar Rapids, Iowa, plant and the 313-million-gal/year Columbus, Nebraska, facility last April during the peak of COVID-19 pandemic restrictions.