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Lean, finely textured beef is 100% beef recovered by a mechanical process that efficiently and effectively separates lean meat from fat. Click here to read more of BEEF's discussion on lean finely textured beef.
The redder it is, the better, because a higher fat content will make the ground beef look pink. Butchers are allowed to label their beef 80% lean or 90% lean. Keep in mind that you have to subtract this from 100 to get the fat content (20% fat for the 80% lean ground beef, for example).