It has been shown recently that you consume more calories the same amount of processed meat as you do unprocessed meat. The definition of processing is broad, it basically includes anything you do to the meat except eat it raw. It likes having a machine prechew all your food so it's easier for you body to extract energy from it.
"Processed food" tends to have preservatives added into the mix, for example. It's not really a matter of "flesh cut right off the animal" vs "flesh that's been mashed a bit before arriving at the supermarket."