Tate&Lyle writes off Iowa ethanol plant

LONDON

British sugar refiner Tate & Lyle PLC says it won't restart construction of an ethanol plant in Fort Dodge, Iowa in the foreseeable future.

Tate & Lyle, which also produces bulk ingredients, said Thursday that it had written off a loss of 217 million pounds ($316 million) on the project.

Work on the plant has been suspended since March of last year.

Tate & Lyle says its decision was based on the depressed and volatile outlook for ethanol and uncertain conditions in industrial starch and corn gluten feed markets.