American Axle & Manufacturing
AXL
#4803
Rank
$2.12 B
Marketcap
$9.00
Share price
9.49%
Change (1 day)
53.06%
Change (1 year)
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<A name="toc"><DIV align="CENTER"><U><B>TABLE OF CONTENTS</B></U></DIV></A>

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<TR><TD colspan="9"><A HREF="#000">Cautionary Statements</A></TD></TR>
<TR><TD colspan="9"><A HREF="#001">PART I</A></TD></TR>
<TR><TD colspan="9"><A HREF="#002">PART II</A></TD></TR>
<TR><TD colspan="9"><A HREF="#003">PART III</A></TD></TR>
<TR><TD colspan="9"><A HREF="#004">PART IV</A></TD></TR>
<TR><TD colspan="9"><A HREF="#005">SIGNATURES</A></TD></TR>
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<B><FONT size="4">SECURITIES AND EXCHANGE COMMISSION</FONT></B>

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<B>WASHINGTON, D.C. 20549</B>
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<B><FONT size="4">FORM 10-K</FONT></B>
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[X]&nbsp; <B>Annual report pursuant to section 13 or 15(d) of the
Securities Exchange Act of 1934</B>

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For the fiscal year ended December&nbsp;31, 1999
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[&nbsp;&nbsp;&nbsp;]&nbsp; <B>Transition report pursuant to
section 13 or 15(d) of the Securities Exchange Act of 1934</B>

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For the transition period from &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;to
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
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Commission file number: 1-14303

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<B><FONT size="4">AMERICAN AXLE &#38; MANUFACTURING HOLDINGS,
INC.</FONT></B>
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<B>DELAWARE</B>

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<FONT size="2">(State of incorporation)</FONT>
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<B>38-3161171</B>
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<FONT size="2">(I.R.S. Employer Identification No.)</FONT>
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<B>1840 HOLBROOK AVENUE, DETROIT, MICHIGAN 48212</B>

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<FONT size="2">(Address of principal executive offices, including
Zip Code)</FONT>
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<B>313-974-2000</B>

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<FONT size="2">(Registrant&#146;s telephone number, including
area code)</FONT>
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Securities registered pursuant to Section&nbsp;12(b) of the Act:

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<B>COMMON STOCK, PAR VALUE $.01 PER SHARE</B>

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<FONT size="2">(Title of each class)</FONT>
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<B>NEW YORK STOCK EXCHANGE</B>
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<DIV align="center">
<FONT size="2">(Name of each exchange on which registered)</FONT>
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Securities registered pursuant to Section&nbsp;12(g) of the Act:
None

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Indicate by check mark whether the
registrant (1)&nbsp;has filed all reports required to be filed by
Section&nbsp;13 or 15(d) of the Securities Exchange Act of 1934
during the preceding 12&nbsp;months (or for such shorter period
that the registrant was required to file such reports), and
(2)&nbsp;has been subject to such filing requirements for the
past 90&nbsp;days.&nbsp;&nbsp;Yes&nbsp; [X]&nbsp;&nbsp;No&nbsp;
[&nbsp;&nbsp;&nbsp;]

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Indicate by check mark if
disclosure of delinquent filers pursuant to Item&nbsp;405 of
Regulation&nbsp;S-K is not contained herein, and will not be
contained, to the best of registrant&#146;s knowledge, in
definitive proxy or information statements incorporated by
reference in Part III of this Form&nbsp;10-K or any amendment to
this Form&nbsp;10-K.&nbsp;&nbsp;[X]

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The aggregate market value of the
voting stock of the registrant held by stockholders (not
including voting stock held by directors and executive officers
of the registrant) on February&nbsp;29, 2000 was approximately
$130.9 million. As of February&nbsp;29, 2000, the registrant had
46,357,012 shares of voting common stock outstanding.

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<B>Documents Incorporated By Reference:</B>

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Portions of the Registrant&#146;s
Annual Report to Stockholders for the year ended
December&nbsp;31, 1999 and Proxy Statement for use in connection
with its Annual Meeting of Stockholders to be held on May&nbsp;4,
2000, to be filed with the Securities and Exchange Commission
pursuant to Regulation&nbsp;14A not later than April&nbsp;30,
2000, are incorporated by reference in Part&nbsp;I (Items&nbsp;
1(b), 1(d), 3 and&nbsp;4), Part&nbsp;II (Items&nbsp;5, 6, 7, 7A,
and&nbsp;8) and Part&nbsp;III (Items&nbsp;10(a), 11, 12
and&nbsp;13) of this Report.

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<P align="center"><B>AMERICAN AXLE &#38; MANUFACTURING HOLDINGS, INC.</B>

<DIV align="center">
<B>TABLE OF CONTENTS&nbsp;&#151; ANNUAL REPORT ON FORM 10-K</B>
</DIV>

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<B>Year Ended December&nbsp;31, 1999</B>
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<TD align="center" nowrap colspan="3"><FONT size="2"><I>Page Number</I></FONT></TD>
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<TD colspan="5" align="left" valign="top"><FONT size="2">Cautionary&nbsp;Statements</FONT></TD>
<TD></TD>
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<TD align="right" valign="bottom" nowrap><FONT size="2">1</FONT></TD>
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<TD colspan="9">&nbsp;</TD>
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<TD align="left" valign="top"><FONT size="2">
Part&nbsp;I.</FONT></TD>
<TD></TD>
<TD align="left" valign="top"><FONT size="2">
Item&nbsp;1</FONT></TD>
<TD></TD>
<TD align="left" valign="top"><FONT size="2">
Business</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">2</FONT></TD>
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<TD align="left" valign="top"><FONT size="2">
Item&nbsp;2</FONT></TD>
<TD></TD>
<TD align="left" valign="top"><FONT size="2">
Properties</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">6</FONT></TD>
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<TD align="left" valign="top"><FONT size="2">
Item&nbsp;3</FONT></TD>
<TD></TD>
<TD align="left" valign="top"><FONT size="2">
Legal Proceedings</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">7</FONT></TD>
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<TD></TD>
<TD align="left" valign="top"><FONT size="2">
Item&nbsp;4</FONT></TD>
<TD></TD>
<TD align="left" valign="top"><FONT size="2">
Submission of Matters to a Vote of Security Holders</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">7</FONT></TD>
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<TD colspan="9">&nbsp;</TD>
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<TR><TD><TR><TD><TR><TD><TR><TD>

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<TD align="left" valign="top"><FONT size="2">
Part II</FONT></TD>
<TD></TD>
<TD align="left" valign="top"><FONT size="2">
Item&nbsp;5</FONT></TD>
<TD></TD>
<TD align="left" valign="top"><FONT size="2">
Market for Registrant&#146;s Common Equity and Related<BR>
Stockholder Matters</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">8</FONT></TD>
<TD></TD>
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<TD align="left" valign="top"><FONT size="2">
Item&nbsp;6</FONT></TD>
<TD></TD>
<TD align="left" valign="top"><FONT size="2">
Selected Consolidated Financial Data</FONT></TD>
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<TD align="right" valign="bottom" nowrap><FONT size="2">8</FONT></TD>
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<TD align="left" valign="top"><FONT size="2">
Item&nbsp;7</FONT></TD>
<TD></TD>
<TD align="left" valign="top"><FONT size="2">
Management&#146;s Discussion and Analysis of Financial Condition
and Results of Operation</FONT></TD>
<TD></TD>
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<TD align="right" valign="bottom" nowrap><FONT size="2">8</FONT></TD>
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<TD align="left" valign="top"><FONT size="2">
Item&nbsp; 7A</FONT></TD>
<TD></TD>
<TD align="left" valign="top"><FONT size="2">
Quantitative and Qualitative Disclosures About Market Risk</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">8</FONT></TD>
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<TD align="left" valign="top"><FONT size="2">
Item&nbsp;8</FONT></TD>
<TD></TD>
<TD align="left" valign="top"><FONT size="2">
Financial Statements and Supplementary Data</FONT></TD>
<TD></TD>
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<TD align="right" valign="bottom" nowrap><FONT size="2">8</FONT></TD>
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<TD align="left" valign="top"><FONT size="2">
Item&nbsp;9</FONT></TD>
<TD></TD>
<TD align="left" valign="top"><FONT size="2">
Changes in and Disagreements with Accountants on Accounting and
Financial Disclosure</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">8</FONT></TD>
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<TD colspan="9">&nbsp;</TD>
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<TD align="left" valign="top"><FONT size="2">
Part III</FONT></TD>
<TD></TD>
<TD align="left" valign="top"><FONT size="2">
Item&nbsp; 10</FONT></TD>
<TD></TD>
<TD align="left" valign="top"><FONT size="2">
Directors and Executive Officers of the Registrant</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">9</FONT></TD>
<TD></TD>
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<TD align="left" valign="top"><FONT size="2">
Item&nbsp; 11</FONT></TD>
<TD></TD>
<TD align="left" valign="top"><FONT size="2">
Executive Compensation</FONT></TD>
<TD></TD>
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<TD align="right" valign="bottom" nowrap><FONT size="2">11</FONT></TD>
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<TD align="left" valign="top"><FONT size="2">
Item&nbsp; 12</FONT></TD>
<TD></TD>
<TD align="left" valign="top"><FONT size="2">
Security Ownership of Certain Beneficial Owners and Management</FONT></TD>
<TD></TD>
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<TD align="right" valign="bottom" nowrap><FONT size="2">11</FONT></TD>
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Item&nbsp; 13</FONT></TD>
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<TD align="left" valign="top"><FONT size="2">
Certain Relationships and Related Transactions</FONT></TD>
<TD></TD>
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<TD align="right" valign="bottom" nowrap><FONT size="2">11</FONT></TD>
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<TD colspan="9">&nbsp;</TD>
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Part IV</FONT></TD>
<TD></TD>
<TD align="left" valign="top"><FONT size="2">
Item&nbsp; 14</FONT></TD>
<TD></TD>
<TD align="left" valign="top"><FONT size="2">
Exhibits, Financial Statement Schedules and Reports on Form&nbsp;
8-K</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">12</FONT></TD>
<TD></TD>
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<TD colspan="9">&nbsp;</TD>
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<TR><TD><TR><TD><TR><TD><TR><TD>

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<TD colspan="5" align="left" valign="top"><FONT size="2">Signatures</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">14</FONT></TD>
<TD></TD>
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<TD colspan="9">&nbsp;</TD>
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<TD colspan="9" align="left"><HR size="1"></TD>

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<TD colspan="9">&nbsp;</TD>
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<TD colspan="3" align="left" valign="top"><FONT size="2">Schedule&nbsp;II</FONT></TD>
<TD></TD>
<TD align="left" valign="top"><FONT size="2">
Valuation and Qualifying Accounts</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">15</FONT></TD>
<TD></TD>
</TR>

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<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="left" valign="top"><FONT size="2">
Independent Auditors&#146; Report for the years ended
December&nbsp; 31, 1999<BR>
and 1998</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">16</FONT></TD>
<TD></TD>
</TR>

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<TD></TD>
<TD></TD>
<TD></TD>
<TD align="left" valign="top"><FONT size="2">
Report of Independent Auditors for the year ended December&nbsp;
31, 1997</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">17</FONT></TD>
<TD></TD>
</TR>

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<TD colspan="9">&nbsp;</TD>
</TR>

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<TD colspan="9" align="left"><HR size="1"></TD>

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<TD colspan="9">&nbsp;</TD>
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<TD colspan="3" align="left" valign="top"><FONT size="2">Exhibit&nbsp;12</FONT></TD>
<TD></TD>
<TD align="left" valign="top"><FONT size="2">
Computation of Ratio of Earnings to Fixed Charges</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">18</FONT></TD>
<TD></TD>
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<TR><TD><TR><TD><TR><TD><TR><TD>

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<TD colspan="3" align="left" valign="top"><FONT size="2">Exhibit&nbsp;21</FONT></TD>
<TD></TD>
<TD align="left" valign="top"><FONT size="2">
Subsidiaries of the Company as of March&nbsp;17, 2000</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">19</FONT></TD>
<TD></TD>
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<B>Cautionary Statements</B>
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<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Certain statements in this report on Form&nbsp;10-K are
forward-looking in nature and relate to trends and events that
may affect the Company&#146;s future financial position and
operating results. Such statements are made pursuant to the safe
harbor provisions of the <I>Private Securities Litigation Reform
Act of 1995</I>. The terms &#147;expect&#148;,
&#147;anticipate&#148;, &#147;intend&#148;, and
&#147;project&#148; and similar words or expressions are intended
to identify forward-looking statements. These statements speak
only as of the date of this Annual Report. The statements are
based on current expectations, are inherently uncertain, are
subject to risks, and should be viewed with caution. Actual
results and experience may differ materially from the
forward-looking statements as a result of many factors, including
reduced sales by the Company&#146;s customers, changes in
economic conditions in the markets served by the Company,
increasing competition, fluctuations in raw materials and energy
prices, and other unanticipated events and conditions. It is not
possible to foresee or identify all such factors. The Company
makes no commitment to update any forward-looking statement or to
disclose any facts, events, or circumstances after the date
hereof that may affect the accuracy of any forward-looking
statement.

<P align="center">1
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<B>PART I</B>
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<P align="left"><B>Item&nbsp;1.&nbsp; Business</B>

<P align="left"><B>(a)&nbsp; <I>General Development of Business</I></B>

<P align="left"><I>General</I>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
As used in this report, except as otherwise indicated in
information incorporated by reference, references to
&#147;we&#148;, &#147;us&#148;, the &#147;Company&#148;, or
&#147;AAM&#148; mean American Axle &#38; Manufacturing Holdings,
Inc. (&#147;Holdings&#148;) and its subsidiaries, collectively.

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
We are a Tier&nbsp;I supplier to the automotive industry and a
worldwide leader in the manufacture, engineering and design of
driveline systems for trucks, buses, sport utility vehicles
(&#147;SUVs&#148;) and passenger cars. A driveline system
includes all of the components that transfer power from the
transmission and deliver it to the drive wheels. The driveline
products produced by us include axles, propeller shafts, chassis
components and forged products.

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
In March&nbsp;1994, a private investor group led by
Richard&nbsp;E. Dauch formed the Company and purchased the Final
Drive and Forge Business Unit of General Motors Corporation
(&#147;GM&#148;). In connection with the acquisition and under
subsequent additional binding agreements we have entered into
with GM, we are the sole-source supplier of substantially all of
the driveline components and forged products previously supplied
to GM by the Business Unit for the life of each of the GM vehicle
programs supplied.

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Since the 1994 acquisition, we have dramatically improved product
quality and manufacturing efficiency through a combination of
management leadership, significant investments in new equipment
and technology, workforce training, and process improvements
resulting in increased capacity utilization. From March&nbsp;1994
through December&nbsp;1999, we have invested approximately
$1.125&nbsp;billion in capital expenditures and we have received
and maintained ISO/ QS 9000 certification for each of our
facilities. As a result, (i)&nbsp;the average number of axles
produced per day has increased from approximately 10,000 per day
in March&nbsp;1994 to approximately 15,000 in 1999 and
(ii)&nbsp;discrepant parts shipped to GM (as measured by GM)
decreased from approximately 13,400 PPM during the six months
ended December&nbsp;31, 1994 to approximately 132 PPM during the
six months ended December&nbsp;31, 1999.

<P align="left"><I>The Recapitalization</I>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
On September&nbsp;17, 1997, AAM Acquisition, Inc., an entity
organized by Blackstone Capital Partners&nbsp;II Merchant Banking
Fund&nbsp;L.P. and certain other affiliated investors
(collectively, &#147;Blackstone&#148;), Jupiter Capital
Corporation (&#147;Jupiter&#148;), Richard&nbsp;E. Dauch,
Morton&nbsp;E. Harris, American Axle &#38; Manufacturing of
Michigan, Inc. (&#147;AAMM&#148;) and American Axle &#38;
Manufacturing, Inc. (&#147;AAM Inc.&#148;), then the parent of
AAMM, entered into an agreement (the &#147;Recapitalization
Agreement&#148;) pursuant to which Blackstone acquired control of
AAMM on October&nbsp;29, 1997 (the
&#147;Recapitalization&#148;). Prior to the Recapitalization,
AAMM was a wholly owned subsidiary of AAM Inc. Pursuant to the
Recapitalization, AAMM acquired a 100% ownership interest in
AAM&nbsp;Inc. by exchanging shares of its own stock, on a
one-for-one basis, for the outstanding shares of common stock of
AAM Inc. Following the exchange of shares, on October&nbsp;29,
1997, pursuant to the Recapitalization Agreement, Blackstone
acquired shares of AAMM&#146;s Common Stock from Jupiter and
Mr.&nbsp;Dauch. AAMM used approximately $474&nbsp;million of
aggregate proceeds from certain financings to (i) repay certain
indebtedness of AAM&nbsp;Inc., (ii)&nbsp;repurchase all of the
issued and outstanding shares of Class&nbsp;A Preferred Stock of
AAM Inc., (iii)&nbsp;repurchase certain shares of AAMM&#146;s
Common Stock held by Jupiter and Mr.&nbsp;Harris, (iv)&nbsp;pay
costs and expenses incurred in connection with the
Recapitalization, including fees, expenses and payments relating
to certain of its then existing stock options, and (v)&nbsp;fund
our working capital requirements. Immediately after the
Recapitalization, on a fully diluted basis Blackstone owned
approximately 63.9% of AAMM&#146;s Common Stock, members of our
senior management team owned approximately 29.0% of AAMM&#146;s
Common Stock and Jupiter and Mr.&nbsp;Harris collectively owned
approximately 5.5% of AAMM&#146;s Common Stock.

<P align="center">2
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<H5 align="left"><A HREF="#toc">Table of Contents</A></H5><P>

<P align="left"><I>Initial Public Offering</I>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Holdings is the survivor of a January&nbsp;1999 migratory merger
with AAMM. Pursuant to this merger, each share of AAMM&#146;s
common stock was converted into 3,945 shares of Holdings&#146;
common stock. Holdings has no material assets, liabilities or
operations other than those that result from its ownership of
100% of the outstanding common stock of AAM Inc. and
subsidiaries. In February 1999, Holdings completed an initial
public offering and issued 7&nbsp;million shares of its common
stock.

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
For information regarding acquisitions, see Exhibit&nbsp;13 to
this report, Annual Report to Stockholders for the year ended
December&nbsp;31, 1999 (the &#147;Annual Report&#148;),
page&nbsp;35, section entitled &#147;Notes to Consolidated
Financial Statements, Note 3&nbsp;&#151; Acquisitions.&#148;

<P align="left"><B>(b)&nbsp; <I>Financial Information About Industry Segments</I>
</B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Incorporated by reference from the Annual Report, page 46,
section entitled &#147;Notes to Consolidated Financial
Statements, Note 12&nbsp;&#151; Segment and Geographic
Information.&#148;

<P align="left"><B>(c)&nbsp; <I>Narrative Description of Business</I></B>

<P align="left"><I>Company Overview</I>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
We are a Tier&nbsp;I supplier to the automotive industry and a
worldwide leader in the manufacture, engineering and design of
driveline systems for trucks, buses, sport utility vehicles
(&#147;SUVs&#148;) and passenger cars. The driveline system
includes all the components that transfer power from the
transmission and deliver it to the drive wheels. Driveline
products produced by us include axles, propeller shafts, chassis
components and forged products. Through our October&nbsp;1998
acquisition of Albion Automotive (Holdings) Limited
(&#147;Albion&#148;), we supply front steerable and rear axles,
driving heads, crankshafts, chassis components and transmission
parts used primarily in medium-duty trucks and buses for
customers located in the United Kingdom and elsewhere in Europe.
Additionally, we are the second-largest automotive forging
manufacturer in North America.

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
We sell most of our products to original equipment manufacturers
(&#147;OEMs&#148;) under long-term contracts at fixed prices.
Some of our contracts require us to reduce our prices in
subsequent years and all of our contracts allow us to negotiate
price increases for engineering changes.

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
We are the principal supplier of driveline components to General
Motors Corporation (&#147;GM&#148;) for its light trucks, SUVs
and rear-wheel drive (&#147;RWD&#148;) passenger cars. Sales to
GM were approximately 86%, 93% and 96% of our total sales in
1999, 1998 and 1997, respectively. Other customers include Ford
Motor Company, DaimlerChrysler, Nissan, BMW/ Rover, Renault,
Visteon Automotive, Delphi Automotive and PACCAR.

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The following chart sets forth the percentage of total revenues
attributable to our products for the periods indicated:

<CENTER>
<TABLE width="80%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
<TD width="3%">&nbsp;</TD>
<TD width="68%">&nbsp;</TD>
<TD width="3%">&nbsp;</TD>
<TD width="3%">&nbsp;</TD>
<TD width="1%">&nbsp;</TD>
<TD width="3%">&nbsp;</TD>
<TD width="3%">&nbsp;</TD>
<TD width="3%">&nbsp;</TD>
<TD width="1%">&nbsp;</TD>
<TD width="3%">&nbsp;</TD>
<TD width="3%">&nbsp;</TD>
<TD width="3%">&nbsp;</TD>
<TD width="1%">&nbsp;</TD>
<TD width="2%">&nbsp;</TD>
</TR>

<TR>
<TD colspan="2"></TD>
<TD></TD>
<TD colspan="11"></TD>
</TR>

<TR>
<TD colspan="2"></TD>
<TD></TD>
<TD align="center" nowrap colspan="11"><FONT size="2"><B>Year ended December 31,</B></FONT></TD>
</TR>

<TR>
<TD colspan="2"></TD>
<TD></TD>
<TD align="center" nowrap colspan="11"><HR size="1"></TD>
</TR>

<TR>
<TD colspan="2"></TD>
<TD></TD>
<TD align="center" nowrap colspan="3"><FONT size="2"><B>1999</B></FONT></TD>
<TD></TD>
<TD align="center" nowrap colspan="3"><FONT size="2"><B>1998</B></FONT></TD>
<TD></TD>
<TD align="center" nowrap colspan="3"><FONT size="2"><B>1997</B></FONT></TD>
</TR>

<TR>
<TD colspan="2"></TD>
<TD></TD>
<TD align="center" nowrap colspan="3"><HR size="1"></TD>
<TD></TD>
<TD align="center" nowrap colspan="3"><HR size="1"></TD>
<TD></TD>
<TD align="center" nowrap colspan="3"><HR size="1"></TD>
</TR>

<TR>
<TD colspan="2" align="left" valign="top"><FONT size="2">
Rear axles</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">52.5</FONT></TD>
<TD align="left" valign="bottom" nowrap><FONT size="2">%</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">53.5</FONT></TD>
<TD align="left" valign="bottom" nowrap><FONT size="2">%</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">53.0</FONT></TD>
<TD align="left" valign="bottom" nowrap><FONT size="2">%</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
<TD colspan="2" align="left" valign="top"><FONT size="2">
Front axles</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">16.0</FONT></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">16.3</FONT></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">16.5</FONT></TD>
<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
<TD colspan="2" align="left" valign="top"><FONT size="2">
Propeller shafts</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">7.9</FONT></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">8.6</FONT></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">8.8</FONT></TD>
<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
<TD colspan="2" align="left" valign="top"><FONT size="2">
Chassis components</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">7.9</FONT></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">8.8</FONT></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">9.8</FONT></TD>
<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
<TD colspan="2" align="left" valign="top"><FONT size="2">
Forged products</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">11.1</FONT></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">8.9</FONT></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">9.2</FONT></TD>
<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
<TD colspan="2" align="left" valign="top"><FONT size="2">
Other</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">4.6</FONT></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">3.9</FONT></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">2.7</FONT></TD>
<TD></TD>
</TR>

<TR>
<TD colspan="2"></TD>
<TD></TD>
<TD></TD>
<TD align="left"><HR size="1"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="left"><HR size="1"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="left"><HR size="1"></TD>
<TD></TD>

</TR>

<TR>
<TD></TD>
<TD align="left" valign="top"><FONT size="2">
Total</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">100.0</FONT></TD>
<TD align="left" valign="bottom" nowrap><FONT size="2">%</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">100.0</FONT></TD>
<TD align="left" valign="bottom" nowrap><FONT size="2">%</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">100.0</FONT></TD>
<TD align="left" valign="bottom" nowrap><FONT size="2">%</FONT></TD>
</TR>

<TR>
<TD colspan="2"></TD>
<TD></TD>
<TD></TD>
<TD align="left"><HR size="4" noshade></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="left"><HR size="4" noshade></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="left"><HR size="4" noshade></TD>
<TD></TD>

</TR>

</TABLE>
</CENTER>

<P align="center">3
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<P align="left"><I>Industry and Competition</I>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Our operations are considered cyclical because they are directly
related to domestic automotive production, which is itself
cyclical and dependent on general economic conditions and other
factors. However, the light truck and SUV segment is the fastest
growing segment of the U.S. light vehicle market. Increased
demand for light trucks and SUVs increase demand for the
Company&#146;s products.

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The driveline systems segment of the automotive industry is
highly competitive. We compete based on technology, quality,
price, durability, reliability and overall customer service.

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
We are the leading independent supplier of driveline components
for light trucks and SUVs manufactured in North America and sold
in the United States. The primary competitors to the Company in
the North America light truck and SUV driveline systems market
are (i)&nbsp;the internal &#147;captive&#148; operations of Ford/
Visteon and DaimlerChrysler and (ii)&nbsp;independent,
publicly-traded Dana Corporation. The Ford/ Visteon and
DaimlerChrysler operations are strictly internal and do not
produce for outside customers at this time. Several foreign firms
have niche driveline businesses, which primarily supply foreign
transplant auto manufacturers.

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The current trend in the automotive industry is for OEMs to shift
research and development (&#147;R&#38;D&#148;), design and
testing responsibility to their suppliers to take advantage of
certain efficiencies. The OEMs have also been reducing the number
of their suppliers, preferring stronger relationships with fewer
suppliers. As a result, the number of Tier&nbsp;I suppliers is
being reduced and Tier&nbsp;1 suppliers are increasingly
following their OEM customers as they expand manufacturing into
global markets. This trend is expected to continue, leaving the
industry with a smaller number of dominant, worldwide suppliers.
We will continue to manage this trend by leveraging our
excellence in manufacturing, engineering and design to diversify,
strengthen and globalize our OEM customer base and to develop
new technologies, products and integrated systems for our
customers.

<P align="left"><I>Productive Materials</I>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
We believe that we have adequate sources of supply of productive
materials and components for our manufacturing needs. Most raw
materials (such as steel) and semi-processed or finished items
(such as castings) are available within the geographical regions
of our operating facilities from numerous qualified sources in
quantities sufficient for our needs.

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Through December&nbsp;31, 1999, we acquired certain materials for
use in the manufacture of our products through GM&#146;s
purchasing network. We are now in the process of transitioning to
full responsibility for our entire purchasing function. For
further information regarding this purchasing transition, see the
Annual Report, page 26, section entitled &#147;Management&#146;s
Discussion and Analysis &#150; Direct Material Purchasing
Transition&#148;.

<P align="left"><I>Research and Development (&#147;R&#38;D&#148;)</I>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Our R&#38;D efforts are intended to facilitate our response to
the technological demands of the market and to support our
customers. We believe that our rigorous program of R&#38;D,
testing and validation provides our customers with a full range
of design services, high quality engineering and manufacturing,
and leading-edge driveline technology. We invested approximately
$39.1&nbsp;million, $29.5&nbsp;million and $27.8&nbsp;million in
1999, 1998 and 1997, respectively, to maintain and expand our
technological expertise in both product and process.

<P align="left"><I>Patents and Trademarks</I>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
We maintain and have pending various U.S. and foreign patents and
other rights to intellectual property relating to our business,
which we believe are appropriate to protect our interest in
existing products, new inventions, manufacturing processes and
product developments. We do not believe that any single patent is
material to our business nor would expiration or invalidity of
any patent have a material adverse effect on our business or our
ability to compete. We are not currently engaged in any material
infringement litigation, nor are there any material claims
pending by or against us.

<P align="center">4

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<P align="left"><I>Seasonality</I>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Our business is moderately seasonal as our major OEM customers
historically have a two-week shutdown of operations in July and
approximately a one-week shutdown in December. In addition, OEM
customers have historically incurred lower production rates in
the third quarter as model changes enter production. Accordingly,
our third quarter and fourth quarter results may reflect these
trends.

<P align="left"><I>Associates</I>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
As of December&nbsp;31, 1999, we employed approximately 11,518
associates, approximately 10,075 of which are employed in the
United States. Approximately 8,100 associates are represented by
the United Automobile, Aerospace and Agricultural Implement
Workers of America (&#147;UAW&#148;). Approximately 7,500
associated represented by the UAW are subject to a collective
bargaining agreement that expires February&nbsp;25, 2004. This
collective bargaining agreement with the UAW was ratified on
March&nbsp;6, 2000. Approximately 290 associates are represented
by the International Association of Machinists (&#147;IAM&#148;)
under a collective bargaining agreement which runs through
May&nbsp;5, 2000. In addition, approximately 825 associates at
Albion and 120 associates at our joint venture in Brazil are
represented by labor unions under various collective bargaining
agreements, certain of which may be terminated upon six
months&#146; notice. We believe our relationships with our
associates and their unions are positive.

<P align="left"><I>Credit and Working Capital Practices</I>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Our credit practices and related working capital needs are
comparable to those of other market participants. For further
information regarding our liquidity and capital resources, see
the Annual Report, pages 23-25, section entitled
&#147;Management&#146;s Discussion and Analysis &#150; Liquidity
and Capital Resources&#148;.

<P align="left"><B>(d)&nbsp; <I>Financial Information About Foreign and Domestic
Operations and Export Sales</I></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
International operations are subject to certain additional risks
inherent in conducting business outside the United States, such
as changes in currency exchange rates, price and currency
exchange controls, import restrictions, nationalization,
expropriation and other governmental action.

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Incorporated by reference from the Annual Report, page 46,
section entitled &#147;Notes to Consolidated Financial
Statements, Note 12&nbsp;&#151; Segment and Geographic
Information.&#148;

<P align="center">5

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<P align="left"><B>Item&nbsp;2.&nbsp; Properties</B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The following is a summary of our principal facilities:

<CENTER>
<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
<TD width="3%">&nbsp;</TD>
<TD width="19%">&nbsp;</TD>
<TD width="3%">&nbsp;</TD>
<TD width="6%">&nbsp;</TD>
<TD width="1%">&nbsp;</TD>
<TD width="5%">&nbsp;</TD>
<TD width="3%">&nbsp;</TD>
<TD width="7%">&nbsp;</TD>
<TD width="1%">&nbsp;</TD>
<TD width="6%">&nbsp;</TD>
<TD width="3%">&nbsp;</TD>
<TD width="43%">&nbsp;</TD>
</TR>

<TR>
<TD colspan="2"></TD>
<TD></TD>
<TD align="center" nowrap colspan="3"><FONT size="2"><B>Approx.</B></FONT></TD>
<TD></TD>
<TD align="center" nowrap colspan="3"><FONT size="2"><B>Type</B></FONT></TD>
<TD></TD>
<TD></TD>
</TR>

<TR>
<TD align="center" nowrap colspan="2"><FONT size="2"><B>Name</B></FONT></TD>
<TD></TD>
<TD align="center" nowrap colspan="3"><FONT size="2"><B>Sq. Feet</B></FONT></TD>
<TD></TD>
<TD align="center" nowrap colspan="3"><FONT size="2"><B>of Interest</B></FONT></TD>
<TD></TD>
<TD align="center" nowrap><FONT size="2"><B>Function</B></FONT></TD>
</TR>

<TR>
<TD align="center" nowrap colspan="2"><HR size="1"></TD>
<TD></TD>
<TD align="center" nowrap colspan="3"><HR size="1"></TD>
<TD></TD>
<TD align="center" nowrap colspan="3"><HR size="1"></TD>
<TD></TD>
<TD align="center" nowrap><HR size="1"></TD>
</TR>

<TR>
<TD colspan="2" align="left" valign="top"><FONT size="2">
Detroit Gear &#38; Axle</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="top" nowrap><FONT size="2">1,721,000</FONT></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="top" nowrap><FONT size="2">Owned</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="left" valign="top"><FONT size="2">
Rear and front axles, front suspensions and rear</FONT></TD>
</TR>

<TR>
<TD></TD>
<TD align="left" valign="top"><FONT size="2">
Detroit, MI</FONT></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="left" valign="top"><FONT size="2">
brake drums</FONT></TD>
</TR>

<TR>
<TD colspan="2" align="left" valign="top"><FONT size="2">
Buffalo Gear &#38; Axle</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="top" nowrap><FONT size="2">1,169,000</FONT></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="top" nowrap><FONT size="2">Owned</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="left" valign="top"><FONT size="2">
Rear axles and steering linkages</FONT></TD>
</TR>

<TR>
<TD></TD>
<TD align="left" valign="top"><FONT size="2">
Buffalo, NY</FONT></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
</TR>

<TR>
<TD colspan="2" align="left" valign="top"><FONT size="2">
Three Rivers Plant</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="top" nowrap><FONT size="2">750,000</FONT></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="top" nowrap><FONT size="2">Owned</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="left" valign="top"><FONT size="2">
Rear propeller shafts, front auxiliary propeller</FONT></TD>
</TR>

<TR>
<TD></TD>
<TD align="left" valign="top"><FONT size="2">
Three Rivers, MI</FONT></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="left" valign="top"><FONT size="2">
shafts and universal joints</FONT></TD>
</TR>

<TR>
<TD colspan="2" align="left" valign="top"><FONT size="2">
Guanajuato Gear &#38;</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="top" nowrap><FONT size="2">602,000</FONT></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="top" nowrap><FONT size="2">Owned</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="left" valign="top"><FONT size="2">
Rear axles</FONT></TD>
</TR>

<TR>
<TD></TD>
<TD align="left" valign="top"><FONT size="2">
Axle</FONT></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
</TR>

<TR>
<TD></TD>
<TD align="left" valign="top"><FONT size="2">
Guanajuato, Mexico</FONT></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
</TR>

<TR>
<TD colspan="2" align="left" valign="top"><FONT size="2">
Scotstoun Plant</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="top" nowrap><FONT size="2">453,000</FONT></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="top" nowrap><FONT size="2">Leased</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="left" valign="top"><FONT size="2">
Front and rear axles for medium-duty trucks and</FONT></TD>
</TR>

<TR>
<TD></TD>
<TD align="left" valign="top"><FONT size="2">
Glasgow, Scotland</FONT></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="left" valign="top"><FONT size="2">
vans</FONT></TD>
</TR>

<TR>
<TD colspan="2" align="left" valign="top"><FONT size="2">
Farington Plant</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="top" nowrap><FONT size="2">328,000</FONT></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="top" nowrap><FONT size="2">Leased</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="left" valign="top"><FONT size="2">
Front and rear axles for buses and chassis</FONT></TD>
</TR>

<TR>
<TD></TD>
<TD align="left" valign="top"><FONT size="2">
Leyland, England</FONT></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="left" valign="top"><FONT size="2">
components</FONT></TD>
</TR>

<TR>
<TD colspan="2" align="left" valign="top"><FONT size="2">
Spurrier Plant</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="top" nowrap><FONT size="2">303,000</FONT></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="top" nowrap><FONT size="2">Leased</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="left" valign="top"><FONT size="2">
Crankshafts and fabricated parts</FONT></TD>
</TR>

<TR>
<TD></TD>
<TD align="left" valign="top"><FONT size="2">
Leyland, England</FONT></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
</TR>

<TR>
<TD colspan="2" align="left" valign="top"><FONT size="2">
AAM do Brasil</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="top" nowrap><FONT size="2">130,600</FONT></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="top" nowrap><FONT size="2">Owned</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="left" valign="top"><FONT size="2">
Machining of forged products</FONT></TD>
</TR>

<TR>
<TD></TD>
<TD align="left" valign="top"><FONT size="2">
Curitiba, Brazil</FONT></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
</TR>

<TR>
<TD colspan="2" align="left" valign="top"><FONT size="2">
Detroit Forge</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="top" nowrap><FONT size="2">710,000</FONT></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="top" nowrap><FONT size="2">Owned</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="left" valign="top"><FONT size="2">
Forged products</FONT></TD>
</TR>

<TR>
<TD></TD>
<TD align="left" valign="top"><FONT size="2">
Detroit, MI</FONT></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
</TR>

<TR>
<TD colspan="2" align="left" valign="top"><FONT size="2">
Tonawanda Forge</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="top" nowrap><FONT size="2">470,000</FONT></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="top" nowrap><FONT size="2">Owned</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="left" valign="top"><FONT size="2">
Forged products</FONT></TD>
</TR>

<TR>
<TD></TD>
<TD align="left" valign="top"><FONT size="2">
Tonawanda, NY</FONT></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
</TR>

<TR>
<TD colspan="2" align="left" valign="top"><FONT size="2">
Colfor-Malvern</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="top" nowrap><FONT size="2">234,000</FONT></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="top" nowrap><FONT size="2">Owned</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="left" valign="top"><FONT size="2">
Forged products</FONT></TD>
</TR>

<TR>
<TD></TD>
<TD align="left" valign="top"><FONT size="2">
Malvern, Ohio</FONT></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
</TR>

<TR>
<TD colspan="2" align="left" valign="top"><FONT size="2">
Colfor-Salem</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="top" nowrap><FONT size="2">189,400</FONT></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="top" nowrap><FONT size="2">Owned</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="left" valign="top"><FONT size="2">
Forged products</FONT></TD>
</TR>

<TR>
<TD></TD>
<TD align="left" valign="top"><FONT size="2">
Salem, Ohio</FONT></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
</TR>

<TR>
<TD colspan="2" align="left" valign="top"><FONT size="2">
Colfor-Minerva</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="top" nowrap><FONT size="2">125,000</FONT></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="top" nowrap><FONT size="2">Owned</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="left" valign="top"><FONT size="2">
Machining of forged products</FONT></TD>
</TR>

<TR>
<TD></TD>
<TD align="left" valign="top"><FONT size="2">
Minerva, Ohio</FONT></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
</TR>

<TR>
<TD colspan="2" align="left" valign="top"><FONT size="2">
Cheektowaga Plant</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="top" nowrap><FONT size="2">116,000</FONT></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="top" nowrap><FONT size="2">Owned</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="left" valign="top"><FONT size="2">
Machining of forged products</FONT></TD>
</TR>

<TR>
<TD></TD>
<TD align="left" valign="top"><FONT size="2">
Cheektowaga, NY</FONT></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
</TR>

<TR>
<TD colspan="2" align="left" valign="top"><FONT size="2">
MSP Oxford</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="top" nowrap><FONT size="2">126,000</FONT></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="top" nowrap><FONT size="2">Leased</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="left" valign="top"><FONT size="2">
Forged products</FONT></TD>
</TR>

<TR>
<TD></TD>
<TD align="left" valign="top"><FONT size="2">
Oxford, MI</FONT></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
</TR>

<TR>
<TD colspan="2" align="left" valign="top"><FONT size="2">
MSP Centerline</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="top" nowrap><FONT size="2">18,500</FONT></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="top" nowrap><FONT size="2">Leased</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="left" valign="top"><FONT size="2">
Forged products</FONT></TD>
</TR>

<TR>
<TD></TD>
<TD align="left" valign="top"><FONT size="2">
Centerline, MI</FONT></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
</TR>

<TR>
<TD colspan="2" align="left" valign="top"><FONT size="2">
Technical Center</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="top" nowrap><FONT size="2">66,000</FONT></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="top" nowrap><FONT size="2">Leased</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="left" valign="top"><FONT size="2">
R&#38;D, design engineering, metallurgy, testing,</FONT></TD>
</TR>

<TR>
<TD></TD>
<TD align="left" valign="top"><FONT size="2">
Rochester Hills, MI</FONT></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="left" valign="top"><FONT size="2">
validation, purchasing and sales</FONT></TD>
</TR>

<TR>
<TD colspan="2" align="left" valign="top"><FONT size="2">
Corporate Headquarters</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="top" nowrap><FONT size="2">31,000</FONT></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="top" nowrap><FONT size="2">Owned</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="left" valign="top"><FONT size="2">
Executive and administrative offices located at</FONT></TD>
</TR>

<TR>
<TD></TD>
<TD align="left" valign="top"><FONT size="2">
Detroit, MI</FONT></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="left" valign="top"><FONT size="2">
the Detroit Gear &#38; Axle</FONT></TD>
</TR>

</TABLE>
</CENTER>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The Detroit Gear &#38; Axle, Detroit Forge, Three Rivers Plant
and Corporate Headquarters facilities are each subject to a
mortgage in favor of several lenders party to our Credit
Facilities. Such mortgages expire upon satisfaction of all
borrowings under the Credit Facilities. See the Annual Report,
pages 23-25, section entitled &#147;Management&#146;s Discussion
and Analysis &#150; Liquidity and Capital Resources&#148; for
further information regarding the Credit Facilities.

<P align="center">6
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<P align="left"><B>Item&nbsp;3.&nbsp; Legal Proceedings</B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Incorporated by reference from the Annual Report, page&nbsp;27,
section entitled &#147;Management&#146;s Discussion and Analysis
&#150; Litigation and Environmental Regulations&#148;.

<P align="left"><B>Item&nbsp;4.&nbsp; Submission of Matters to a Vote of Security
Holders</B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Incorporated by reference from the Board of Directors Proxy
Statement for use in connection with AAM&#146;s Annual Meeting to
be held on May&nbsp;4, 2000 (the &#147;Proxy Statement&#148;),
page&nbsp;7, section entitled &#147;Proposals You May Vote
On&#148;.

<P align="center">7

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<DIV align="left">
<HR size="1" width="100%" align="left">
</DIV>

<DIV align="left">
</DIV>

<!-- link1 "PART II" -->
<DIV align="left"><A NAME="002"></A></DIV>

<DIV align="center">
<B>PART II</B>
</DIV>

<DIV align="left">
<HR size="1" width="100%" align="left">
</DIV>

<DIV>&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
<TD width="6%"></TD>
<TD width="94%"></TD>
</TR>

<TR valign="top">
<TD><B>Item&nbsp;5.&nbsp;</B></TD>
<TD>
<B>Market for Registrant&#146;s Common Equity and Related
Stockholder Matters</B></TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Incorporated by reference from the Annual Report, page 46,
section entitled &#147;Notes to Consolidated Financial
Statements, Note 13 &#150;Unaudited Quarterly Financial Data and
Market for the Company&#146;s Common Stock&#148;.

<DIV>&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
<TD width="6%"></TD>
<TD width="94%"></TD>
</TR>

<TR valign="top">
<TD><B>Item&nbsp;6.&nbsp;</B></TD>
<TD>
<B>Selected Consolidated Financial Data</B></TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Incorporated by reference from the Annual Report, inside back
cover, section entitled &#147;Five Year Financial Summary&#148;.

<DIV>&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
<TD width="6%"></TD>
<TD width="94%"></TD>
</TR>

<TR valign="top">
<TD><B>Item&nbsp;7.&nbsp;</B></TD>
<TD>
<B>Management&#146;s Discussion and Analysis of Financial
Condition and Results of Operation</B></TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Incorporated by reference from the Annual Report, pages 20-27,
section entitled &#147;Management&#146;s Discussion and
Analysis&#148;.

<DIV>&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
<TD width="7%"></TD>
<TD width="93%"></TD>
</TR>

<TR valign="top">
<TD><B>Item&nbsp;7A.&nbsp;</B></TD>
<TD>
<B>Quantitative and Qualitative Disclosures About Market Risk</B></TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Incorporated by reference from the Annual Report, pages 25-26,
section entitled &#147;Management&#146;s Discussion and Analysis
&#150; Financial Instruments and Market Risk&#148;.

<P align="left"><B>Item&nbsp;8.&nbsp; Financial Statements and Supplementary Data
</B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Incorporated by reference from the Annual Report, pages 28-47,
section entitled &#147;Financial Statements&#148;.

<DIV>&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
<TD width="6%"></TD>
<TD width="94%"></TD>
</TR>

<TR valign="top">
<TD><B>Item&nbsp;9.&nbsp;</B></TD>
<TD>
<B>Changes in and Disagreements with Accountants on Accounting
and Financial Disclosure</B></TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
None

<P align="center">8
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<DIV align="left">
<HR size="1" width="100%" align="left">
</DIV>

<DIV align="left">
</DIV>

<!-- link1 "PART III" -->
<DIV align="left"><A NAME="003"></A></DIV>

<DIV align="center">
<B>PART III</B>
</DIV>

<DIV align="left">
<HR size="1" width="100%" align="left">
</DIV>

<P align="left"><B>Item 10.&nbsp; Directors and Executive Officers of the
Registrant</B>

<P align="left"><B>(a)&nbsp; <I>Identification of Directors</I></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Incorporated by reference from the Proxy Statement,
pages&nbsp;8-11, sections entitled &#147;Nominees for
Class&nbsp;I Directors&#148;, &#147;Nominee for Class&nbsp;III
Director&#148;, and &#147;Returning Members of the Board of
Directors&#148;.

<P align="left"><B>(b)&nbsp; <I>Identification of Executive Officers</I></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<B>Richard E. Dauch,</B> age&nbsp;57, has been Chief Executive
Officer, President and a member of the Board of Directors since
the 1994 acquisition. In October 1997, he was also named Chairman
of the Board of Directors. Before March 1994, he spent
12&nbsp;years with Chrysler. He left Chrysler in 1991 as
Executive Vice President of Worldwide Manufacturing. Prior to
joining Chrysler, Dauch served as Group Vice President of
Volkswagen of America, where he established the manufacturing
facilities for the first major automotive transplant facility in
the United States. Dauch began his career with General Motors
Corporation in 1964, where he progressed over the course of
12&nbsp;years from a college-graduate-in-training to the youngest
plant manager in Chevrolet&#146;s history. He has received
numerous honors, nationally and internationally; is on the board
of directors of several manufacturing and civic organizations;
and has lectured extensively on the subjects of manufacturing and
management. Mr. Dauch has authored a book, <I>Passion for
Manufacturing,</I> which is distributed in 80 countries in
several languages.

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<B>B.G. Mathis,</B> age&nbsp;67, has been Executive Vice
President&nbsp;&#151; Administration&nbsp;&#38; Chief
Administrative Officer since January 1999, having joined the
company as Vice President&nbsp;&#38; Chief Administrative Officer
since the Company was purchased in 1994. Mathis has also served
as a director of the company since October 1997. He spent
28&nbsp;years at Chrysler and held a variety of executive
administrative positions, including Manager of Personnel for all
Chrysler Manufacturing Operations. He retired from Chrysler in
1988.

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<B>Joel D. Robinson,</B> age&nbsp;56, has been Executive Vice
President&nbsp;&#151; Operations&nbsp;&#38; Chief Operating
Officer since August&nbsp;1998 and had previously served as Vice
President, Manufacturing. Mr.&nbsp;Robinson joined the Company in
March 1994 and has held various positions including Executive
Director of the GMT800 Program. He began his career in the
automotive industry at Ford Motor Company in 1963, where he held
a series of technical and manufacturing management positions.
Robinson also worked for American Motors Corporation, serving as
Director of Vehicle Assembly, and later, at Chrysler, where he
was responsible for all car body programs.

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<B>Robin J. Adams,</B> age&nbsp;46, has been Executive Vice
President&nbsp;&#151; Finance&nbsp;&#38; Chief Financial Officer
since he joined the Company in July 1999. Prior to joining the
Company, he spent 13&nbsp;years with Borg-Warner in various
financial positions, including Vice President&nbsp;&#38;
Treasurer (Principal Financial Officer) from 1993. He began his
career in 1976 with Illinois Central Railroad Company, where he
served in a variety of positions in financial and corporate
planning.

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<B>Marion A. Cumo Sr.,</B> age&nbsp;57, has been Vice President,
Materials Management, since May&nbsp;1996 and was Vice President,
Quality Assurance &#38; Customer Satisfaction, from
March&nbsp;1994 to May&nbsp;1996. Prior to joining the Company,
Cumo spent 11&nbsp;years from 1980 to 1991 working as a
manufacturing executive at Chrysler. His most recent title at
Chrysler was General Plants Manager of Assembly Operations. After
leaving Chrysler in 1991, Cumo became president of Tri-County
Chrysler Products in Peebles/ West Union, Ohio, and also worked
as an automotive manufacturing consultant.

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<B>David C. Dauch,</B> age&nbsp;35, has been Vice President,
Sales &#38; Marketing, since 1998. Prior to that, he was Director
of Sales, GM Full-Size Truck Programs (since May&nbsp;1996). He
joined the Company in July&nbsp;1995 as Manager, Sales
Administration. Before joining the company, Dauch held various
positions at Collins &#38; Aikman Products Company, including
Sales Manager, from September 1987. David&nbsp;C. Dauch is a son
of Richard&nbsp;E. Dauch.

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<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<B>Richard F. Dauch,</B> age&nbsp;39, has been Vice President,
Manufacturing-Driveline Division since July&nbsp;1999. He served
as Vice President, Manufacturing, from August&nbsp;1998 to
July&nbsp;1999, and Director, Strategic &#38; Capacity Planning,
from February to August&nbsp;1998. Prior to that appointment, he
served as Plant Manager of the Detroit Gear &#38; Axle Plant
(since May&nbsp;1996). He joined AAM in May&nbsp;1995 as
Corporate Manager, Labor Relations, and served in that position
until May 1996. Prior to joining AAM, Dauch served as a Senior
Business Manager and Business Unit Manager with United
Technologies Corporation from February&nbsp;1992. Prior to his
automotive career, Dauch served in the U.S. Army for nine years,
with assignments including Platoon Leader and Company Commander.
Richard&nbsp;F. Dauch is a son of Richard&nbsp;E. Dauch.

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<B>George J. Dellas,</B> age&nbsp;57, has been Vice President,
Quality Assurance &#38; Customer Satisfaction since
May&nbsp;1996. Prior to that, he was Vice President, Procurement
&#38; Material Management (since the 1994 acquisition). Prior to
joining the company, Dellas spent 11&nbsp;years in executive
positions of increasing responsibility at Chrysler. Before
leaving Chrysler in 1991, he served as the Director of Advanced
Planning for the Assembly Division. Dellas has over 30&nbsp;years
experience in the automotive industry.

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<B>David J. Demos,</B> age&nbsp;49, has been Vice President,
Strategic Planning &#38; Business Development, since
March&nbsp;1, 2000. Prior to that, he was Vice President,
Procurement (since August&nbsp;1998); Vice President, Sales &#38;
Business Development (since November&nbsp;1997); and Vice
President, Sales (since May&nbsp;1996). He also served as
Executive Director, Sales &#38; Marketing; and director, Sales,
Marketing &#38; Planning. Prior to joining the company in
March&nbsp;1994, Demos worked for GM for 21&nbsp;years in various
engineering, quality and sales positions in the United States
and overseas. In his most recent position with GM, he was Chief
Engineer of the Final Drive and Forge Business Unit of the
Saginaw Division.

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<B>Robert A. Krause,</B> age&nbsp;43, has been Vice President and
Treasurer of the company since July&nbsp;1999. Prior to that, he
was Treasurer and acting interim Chief Financial Officer (since
May&nbsp;1999) and Treasurer (since January&nbsp;1998). Prior to
joining the Company, he worked for Baxter International Inc.
(from 1985 to 1997) where he served in various positions in
treasury and corporate controller functions including Director,
International Treasury, and Director, Corporate Reporting. In
addition, Krause spent several years in public accounting and is
a certified public accountant.

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<B>Patrick S. Lancaster,</B> age&nbsp;52, has been Vice President
&#38; Secretary since March&nbsp;1, 2000. Prior to that, he was
Vice President, General Counsel &#38; Secretary (since
November&nbsp;1997) and General Counsel &#38; Secretary (since
June&nbsp;1994). Prior to joining the Company, Lancaster worked
at Fruehauf Trailer Corporation and its predecessor Company (from
1981 to 1994) where he last served as General Counsel and
Assistant Secretary from March&nbsp;1990.

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<B>Allan R. Monich,</B> age&nbsp;46, has been Vice President,
Human Resources, since 1998, and previously was Vice President,
Personnel, since November&nbsp;1997. Monich served as Plant
Manager for the Buffalo Gear &#38; Axle Plant since the formation
of the Company in March&nbsp;1994. Prior to joining the Company
in March&nbsp;1994, he worked for GM for 21&nbsp;years in the
areas of manufacturing, quality, sales and engineering, including
four years as a GM Plant Manager.

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<B>Yogen N. Rahangdale,</B> age&nbsp;52, has been Vice President,
Manufacturing &#38; Procurement Services, since March&nbsp;1,
2000. Prior to that, he served as Vice President, Manufacturing
Services (since April&nbsp;1999); Executive Director,
Manufacturing Services (since March&nbsp;1998); and Director,
Corporate Manufacturing Planning (since March&nbsp;1994). Prior
to joining the Company, Rahangdale spent 12&nbsp;years with
Chrysler in a variety of positions including Manager, Paint &#38;
Energy Management.

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<B>Daniel V. Sagady, P.E.,</B> age&nbsp;50, has been Vice
President, Engineering &#38; Product Development, since
November&nbsp;1997 and previously was Executive Director of
Product Engineering since May&nbsp;1996. Prior to that
appointment, Sagady served as the company&#146;s Director of
Product Engineering, from March&nbsp;1994. He began his career at
GM in 1967 and has spent over 30&nbsp;years in the automotive
industry with both Ford and GM where he has held various
positions in manufacturing, quality, testing and developmental
engineering. Sagady is a licensed Professional Engineer.

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<B>Michael D. Straney,</B> age&nbsp;57, serves as Vice President,
Europe, and President &#38; Chief Executive officer, Albion
Automotive (Holdings) Limited. He received that appointment in
October&nbsp;1999. Previously, he was

<P align="center">10
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<H5 align="left"><A HREF="#toc">Table of Contents</A></H5><P>

<DIV align="left">
Vice President, Europe (since October&nbsp;1998); Vice President,
Mergers &#38; Acquisitions (since August 1998); Vice President,
Procurement (since November&nbsp;1997) Executive Director,
Procurement (since June&nbsp;1996); Director, Strategic Planning
(since August 1995); and Director, Capacity Planning,
Modernization &#38; Investment (since joining the Company in
March&nbsp;1994). Straney began his career in 1960 with GM and
has served in various capacities, including Plant Manager at the
Buffalo facilities of the Company while they were owned by GM,
and as the Operations Manager of all driveline facilities.
</DIV>

<P align="left"><B>Item&nbsp;11.&nbsp; Executive Compensation</B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Incorporated by reference from the Proxy Statement, page&nbsp;15,
section entitled &#147;Directors&#146; Compensation&#148; and
pages&nbsp;24-30, section entitled &#147;Executive Compensation,
Retirement Program and Employment Agreements&#148;.

<P align="left"><B>Item&nbsp;12.&nbsp; Security Ownership of Certain Beneficial
Owners and Management</B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Incorporated by reference from the Proxy Statement, page&nbsp;16,
section entitled &#147;Directors&#146; &#38; Officers&#146;
Ownership of AAM Stock&#148;.

<P align="left"><B>Item&nbsp;13.&nbsp; Certain Relationships and Related
Transactions</B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Information regarding transactions with Blackstone is
incorporated by reference from the Annual Report, Page&nbsp;44,
section entitled &#147;Notes to Consolidated Financial
Statements, Note&nbsp;9&nbsp;&#151; Related Party
Transactions&#148;.

<P align="center">11

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<H5 align="left"><A HREF="#toc">Table of Contents</A></H5><P>

<DIV align="left">
<HR size="1" width="100%" align="left">
</DIV>

<DIV align="left">
</DIV>

<!-- link1 "PART IV" -->
<DIV align="left"><A NAME="004"></A></DIV>

<DIV align="center">
<B>PART IV</B>
</DIV>

<DIV align="left">
<HR size="1" width="100%" align="left">
</DIV>

<DIV>&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
<TD width="7%"></TD>
<TD width="93%"></TD>
</TR>

<TR valign="top">
<TD><B>Item&nbsp;14.&nbsp;</B></TD>
<TD>
<B>Exhibits, Financial Statement Schedules and Reports on
Form&nbsp;8-K</B></TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
(a)&nbsp;The following documents are filed as a part of this
report:

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
1.&nbsp; Exhibits
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
<TD width="6%"></TD>
<TD width="94%"></TD>
</TR>

<TR valign="top">
<TD>&nbsp;</TD>
<TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
See Item (c)&nbsp;below.</TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
2.&nbsp; Financial Statement Schedule
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
<TD width="6%"></TD>
<TD width="94%"></TD>
</TR>

<TR valign="top">
<TD>&nbsp;</TD>
<TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Schedule&nbsp;II&nbsp;&#151; Valuation and Qualifying Accounts</TD>
</TR>

<TR>
<TD>&nbsp;</TD>
</TR>

<TR valign="top">
<TD>&nbsp;</TD>
<TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The report of Deloitte &#38; Touche LLP, independent auditors, on
our consolidated financial statements and schedule
(Schedule&nbsp;II) for the years ended December&nbsp;31, 1999 and
December&nbsp;31, 1998</TD>
</TR>

<TR>
<TD>&nbsp;</TD>
</TR>

<TR valign="top">
<TD>&nbsp;</TD>
<TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The report of Ernst&nbsp;&#38; Young LLP, independent auditors,
on our consolidated financial statements and schedule
(Schedule&nbsp;II) for the year ended December&nbsp;31, 1997</TD>
</TR>

<TR>
<TD>&nbsp;</TD>
</TR>

<TR valign="top">
<TD>&nbsp;</TD>
<TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
All other schedules have been omitted because they are not
applicable or not required.</TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
(b)&nbsp;Report on Form&nbsp;8-K

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
On February&nbsp;12, 1999, the Company filed a Current Report on
Form&nbsp;8-K to:
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
<TD width="6%"></TD>
<TD width="1%"></TD>
<TD width="93%"></TD>
</TR>

<TR valign="top">
<TD>&nbsp;</TD>
<TD>&#149;&nbsp;</TD>
<TD align="left">
report the signing of a definitive agreement to acquire Colfor
Manufacturing, Inc.</TD>
</TR>

<TR>
<TD>&nbsp;</TD>
</TR>

<TR valign="top">
<TD>&nbsp;</TD>
<TD>&#149;&nbsp;</TD>
<TD align="left">
to file (i)&nbsp;Selected Consolidated Financial and Other Data,
(ii)&nbsp;Management&#146;s Discussion and Analysis of Financial
Condition and Results of Operations, and (iii)&nbsp;the
Company&#146;s audited consolidated financial statements and the
notes related thereto as of December&nbsp;31, 1998 and 1997 and
for each of the three years in the three year period ended
December&nbsp;31, 1998.</TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
(c)&nbsp;Exhibits

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The following exhibits were previously filed unless otherwise
indicated:

<CENTER>
<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
<TD width="34%">&nbsp;</TD>
<TD width="3%">&nbsp;</TD>
<TD width="3%">&nbsp;</TD>
<TD width="60%">&nbsp;</TD>
</TR>

<TR>
<TD align="center" nowrap><FONT size="2"><B>Number</B></FONT></TD>
<TD></TD>
<TD align="center" nowrap colspan="2"><FONT size="2"><B>Description of Exhibit</B></FONT></TD>
</TR>

<TR>
<TD align="center" nowrap><HR size="1"></TD>
<TD></TD>
<TD align="center" nowrap colspan="2"><HR size="1"></TD>
</TR>

<TR>
<TD align="left" valign="top"><FONT size="2">
4.01(a)</FONT></TD>
<TD></TD>
<TD colspan="2" align="left" valign="top"><FONT size="2">
Specimen Stock Certificate</FONT></TD>
</TR>

<TR>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="left" valign="top"><FONT size="2">
(Incorporated by reference to Exhibit&nbsp;4.01 filed with
American Axle&nbsp;&#38; Manufacturing Holdings, Inc.
Registration Statement on Form&nbsp;S-1 (Registration
No.&nbsp;333-53491))</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
<TD align="left" valign="top"><FONT size="2">
4.01(b)</FONT></TD>
<TD></TD>
<TD colspan="2" align="left" valign="top"><FONT size="2">
Indenture, dated as of March&nbsp;5, 1999, among American
Axle&nbsp; &#38; Manufacturing, Inc., as issuer, American
Axle&nbsp;&#38; Manufacturing Holdings, Inc., as guarantor, and
IBJ Whitehall Bank&nbsp;&#38; Trust Company, as trustee</FONT></TD>
</TR>

<TR>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="left" valign="top"><FONT size="2">
(Incorporated by reference to Exhibit&nbsp;4.01 filed with
American Axle&nbsp;&#38; Manufacturing Holdings, Inc.
Registration Statement on Form&nbsp;S-4 (Registration
No.&nbsp;333-76605))</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
<TD align="left" valign="top"><FONT size="2">
4.02</FONT></TD>
<TD></TD>
<TD colspan="2" align="left" valign="top"><FONT size="2">
Form of 9.75% Senior Subordinated Note due 2009 (the
&#147;Exchange Note&#148;)</FONT></TD>
</TR>

<TR>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="left" valign="top"><FONT size="2">
(Incorporated by reference to Exhibit&nbsp;4.02 filed with
American Axle&nbsp;&#38; Manufacturing Holdings, Inc.
Registration Statement on Form&nbsp;S-4 (Registration
No.&nbsp;333-76605))</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
<TD align="left" valign="top"><FONT size="2">
4.03</FONT></TD>
<TD></TD>
<TD colspan="2" align="left" valign="top"><FONT size="2">
Exchange and Registration Rights Agreement, dated March&nbsp;5,
1999, among AAM Inc., Chase Securities, Inc., Donaldson Lufkin
&#38; Jenrette Securities Corporation and Morgan Stanley&nbsp;
&#38; Co. Incorporated</FONT></TD>
</TR>

<TR>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="left" valign="top"><FONT size="2">
(Incorporated by reference to Exhibit&nbsp;4.03 filed with
American Axle &#38; Manufacturing Holdings, Inc. Registration
Statement on Form&nbsp;S-4 (Registration No.&nbsp;333-76605))</FONT></TD>
</TR>

</TABLE>
</CENTER>

<P align="center">12
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<H5 align="left"><A HREF="#toc">Table of Contents</A></H5><P>

<CENTER>
<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
<TD width="34%">&nbsp;</TD>
<TD width="3%">&nbsp;</TD>
<TD width="3%">&nbsp;</TD>
<TD width="60%">&nbsp;</TD>
</TR>

<TR>
<TD align="center" nowrap><FONT size="2"><B>Number</B></FONT></TD>
<TD></TD>
<TD align="center" nowrap colspan="2"><FONT size="2"><B>Description of Exhibit</B></FONT></TD>
</TR>

<TR>
<TD align="center" nowrap><HR size="1"></TD>
<TD></TD>
<TD align="center" nowrap colspan="2"><HR size="1"></TD>
</TR>

<TR>
<TD align="left" valign="top"><FONT size="2">
10.01</FONT></TD>
<TD></TD>
<TD colspan="2" align="left" valign="top"><FONT size="2">
Amendment No.&nbsp;2, Waiver and Agreement, dated as of
January&nbsp; 11, 1999, to the Credit Agreement, dated as of
October&nbsp;27, 1997 among the Company, American Axle &#38;
Manufacturing, Inc., the lenders named therein, The Chase
Manhattan Bank, as administrative agent and collateral agent, and
Chase Manhattan Bank Delaware, as fronting bank</FONT></TD>
</TR>

<TR>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="left" valign="top"><FONT size="2">
(Incorporated by reference to Exhibit&nbsp;10.15(a) filed with
American Axle &#38; Manufacturing Holdings, Inc. Registration
Statement on Form&nbsp;S-1 (Registration No.&nbsp; 333-53491))</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
<TD align="left" valign="top"><FONT size="2">
10.02</FONT></TD>
<TD></TD>
<TD colspan="2" align="left" valign="top"><FONT size="2">
AAM Master Trust Pooling Agreement, dated as of October&nbsp;29,
1997, as Amended and Restated as of March&nbsp;25, 1999, among
AAM Receivables Corp. (&#147;AAM Receivables&#148;), the Company,
as Servicer, and The Chase Manhattan Bank, as Trustee</FONT></TD>
</TR>

<TR>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="left" valign="top"><FONT size="2">
(Incorporated by reference to Exhibit&nbsp;10.16 filed with
American Axle &#38; Manufacturing Holdings, Inc. Registration
Statement on Form&nbsp;S-4 (Registration No.&nbsp;333-76605))</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
<TD align="left" valign="top"><FONT size="2">
10.03</FONT></TD>
<TD></TD>
<TD colspan="2" align="left" valign="top"><FONT size="2">
AAM Master Trust Series&nbsp;1999-A Supplement to Pooling
Agreement, dated as of March&nbsp;25, 1999, among AAM
Receivables, the Company, as Servicer, and The Chase Manhattan
Bank, as Trustee</FONT></TD>
</TR>

<TR>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="left" valign="top"><FONT size="2">
(Incorporated by reference to Exhibit&nbsp;10.16(a) filed with
American Axle &#38; Manufacturing Holdings, Inc. Registration
Statement on Form&nbsp;S-4 (Registration No.&nbsp; 333-76605))</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
<TD align="left" valign="top"><FONT size="2">
10.04</FONT></TD>
<TD></TD>
<TD colspan="2" align="left" valign="top"><FONT size="2">
Receivables Sale Agreement, dated as of October&nbsp;29, 1997, as
Amended and Restated as of March&nbsp;25, 1999, among AAM
Receivables, the Company, as Servicer, and The Chase Manhattan
Bank, as Trustee</FONT></TD>
</TR>

<TR>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="left" valign="top"><FONT size="2">
(Incorporated by reference to Exhibit&nbsp;10.17 filed with
American Axle &#38; Manufacturing Holdings, Inc. Registration
Statement on Form&nbsp;S-4 (Registration No.&nbsp;333-76605))</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
<TD align="left" valign="top"><FONT size="2">
10.05</FONT></TD>
<TD></TD>
<TD colspan="2" align="left" valign="top"><FONT size="2">
Servicing Agreement, dated as of October&nbsp;27, 1997, as
Amended and Restated as of March&nbsp;25, 1999, among AAM
Receivables, the Company, as Servicer, and The Chase Manhattan
Bank, as Trustee</FONT></TD>
</TR>

<TR>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="left" valign="top"><FONT size="2">
(Incorporated by reference to Exhibit&nbsp;10.18 filed with
American Axle &#38; Manufacturing Holdings, Inc. Registration
Statement on Form&nbsp;S-4 (Registration No.&nbsp;333-76605))</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
<TD align="left" valign="top"><FONT size="2">
10.06</FONT></TD>
<TD></TD>
<TD colspan="2" align="left" valign="top"><FONT size="2">
Employment agreement, dated as of July&nbsp;6, 1999, by and
between American Axle &#38; Manufacturing Holdings, Inc. and
Robin J. Adams</FONT></TD>
</TR>

<TR>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="left" valign="top"><FONT size="2">
(Incorporated by reference to Exhibit&nbsp;10.01 filed with
American Axle &#38; Manufacturing Holdings, Inc. Form&nbsp;10-Q
for the quarterly period ended June&nbsp;30, 1999)</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
<TD align="left" valign="top"><FONT size="2">
10.07</FONT></TD>
<TD></TD>
<TD colspan="2" align="left" valign="top"><FONT size="2">
Amendment No.&nbsp;2 dated August&nbsp;31, 1999, to the AAM/ GMCL
Supply Agreement between American Axle &#38; Manufacturing, Inc.
and General Motors of Canada Limited (&#147;GMCL&#148;)
originally dated February&nbsp;17, 1994 (the &#147;Supply
Agreement&#148;)</FONT></TD>
</TR>

<TR>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="left" valign="top"><FONT size="2">
(Incorporated by reference to Exhibit&nbsp;10.01 filed with
American Axle &#38; Manufacturing Holdings, Inc. Form&nbsp;10-Q
for the quarterly period ended September&nbsp;30, 1999)</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
<TD align="left" valign="top"><FONT size="2">
*12</FONT></TD>
<TD></TD>
<TD colspan="2" align="left" valign="top"><FONT size="2">
Statement of Computation of Ratio of Earnings to Fixed Charges</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
<TD align="left" valign="top"><FONT size="2">
*13</FONT></TD>
<TD></TD>
<TD colspan="2" align="left" valign="top"><FONT size="2">
Annual Report to Stockholders for the year ended December&nbsp;
31, 1999</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
<TD align="left" valign="top"><FONT size="2">
*21</FONT></TD>
<TD></TD>
<TD colspan="2" align="left" valign="top"><FONT size="2">
Subsidiaries of the Company</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
<TD align="left" valign="top"><FONT size="2">
*27</FONT></TD>
<TD></TD>
<TD colspan="2" align="left" valign="top"><FONT size="2">
Financial Data Schedule</FONT></TD>
</TR>

</TABLE>
</CENTER>

<P align="center">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
(All other exhibits are not applicable.)

<DIV align="left">
<HR size="1" width="31%" align="left">
</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
<TD width="3%"></TD>
<TD width="97%"></TD>
</TR>

<TR valign="top">
<TD>&nbsp;*&nbsp;</TD>
<TD align="left">
Filed herewith</TD>
</TR>

</TABLE>

<P align="center">13
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<H5 align="left"><A HREF="#toc">Table of Contents</A></H5><P>

<P align="left">

<!-- link1 "SIGNATURES" -->
<DIV align="left"><A NAME="005"></A></DIV>

<DIV align="center">
<B>SIGNATURES</B>
</DIV>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Pursuant to the requirements of Section&nbsp;13 or 15(d) of the
Securities Exchange Act of 1934, the Registrant has duly caused
this report to be signed on its behalf by the undersigned,
thereunto duly authorized.

<P align="center"><B>AMERICAN AXLE &#38; MANUFACTURING HOLDINGS, INC.</B>

<DIV align="center">
<B>(Registrant)</B>
</DIV>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
<TD width="38%"></TD>
<TD width="62%"></TD>
</TR>

<TR valign="top">
<TD>&nbsp;</TD>
<TD align="left">
By: /s/ ROBIN J. ADAMS</TD>
</TR>

<TR valign="top">
<TD>&nbsp;</TD>
<TD align="left">
<HR size="1" align="left"></TD>
</TR>

<TR valign="top">
<TD>&nbsp;</TD>
<TD align="left">
Name: Robin J. Adams</TD>
</TR>

</TABLE>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
<TD width="38%"></TD>
<TD width="4%"></TD>
<TD width="58%"></TD>
</TR>

<TR valign="top">
<TD>&nbsp;</TD>
<TD>Title:</TD>
<TD align="left">
Executive Vice President-Finance &#38;</TD>
</TR>

</TABLE>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
<TD width="38%"></TD>
<TD width="62%"></TD>
</TR>

<TR valign="top">
<TD>&nbsp;</TD>
<TD align="left">
Chief Financial Officer</TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Pursuant to the requirements of the Securities Exchange Act of
1934, this report has been signed below by the following persons
on behalf of the registrant and in the capacities on the dates
indicated.

<CENTER>
<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
<TD width="39%">&nbsp;</TD>
<TD width="3%">&nbsp;</TD>
<TD width="43%">&nbsp;</TD>
<TD width="3%">&nbsp;</TD>
<TD width="12%">&nbsp;</TD>
</TR>

<TR>
<TD align="center" nowrap><FONT size="2"><B>Signature</B></FONT></TD>
<TD></TD>
<TD align="center" nowrap><FONT size="2"><B>Title</B></FONT></TD>
<TD></TD>
<TD align="center" nowrap><FONT size="2"><B>Date</B></FONT></TD>
</TR>

<TR>
<TD align="center" nowrap><HR size="1"></TD>
<TD></TD>
<TD align="center" nowrap><HR size="1"></TD>
<TD></TD>
<TD align="center" nowrap><HR size="1"></TD>
</TR>

<TR>
<TD colspan="5">&nbsp;</TD>
</TR>

<TR>
<TD align="left" valign="top"><FONT size="2">
/s/ RICHARD E. DAUCH<BR>
<HR size="1">Richard E. Dauch</FONT></TD>
<TD></TD>
<TD align="left" valign="top"><FONT size="2">
Chairman of the Board of Directors,<BR>
President &#38; Chief Executive Officer</FONT></TD>
<TD></TD>
<TD align="left" valign="top"><FONT size="2">
March 20, 2000</FONT></TD>
</TR>

<TR>
<TD colspan="5">&nbsp;</TD>
</TR>

<TR>
<TD align="left" valign="top"><FONT size="2">
/s/ ROBIN J. ADAMS<BR>
<HR size="1">Robin J. Adams</FONT></TD>
<TD></TD>
<TD align="left" valign="top"><FONT size="2">
Executive Vice President-Finance &#38;<BR>
Chief Financial Officer</FONT></TD>
<TD></TD>
<TD align="left" valign="top"><FONT size="2">
March 20, 2000</FONT></TD>
</TR>

<TR>
<TD colspan="5">&nbsp;</TD>
</TR>

<TR>
<TD align="left" valign="top"><FONT size="2">
/s/ B.G. MATHIS<BR>
<HR size="1">B.G. Mathis</FONT></TD>
<TD></TD>
<TD align="left" valign="top"><FONT size="2">
Director, Executive Vice President-Administration &#38; Chief
Administrative Officer</FONT></TD>
<TD></TD>
<TD align="left" valign="top"><FONT size="2">
March 20, 2000</FONT></TD>
</TR>

<TR>
<TD colspan="5">&nbsp;</TD>
</TR>

<TR>
<TD align="left" valign="top"><FONT size="2">
/s/ FOREST J. FARMER<BR>
<HR size="1">Forest J. Farmer</FONT></TD>
<TD></TD>
<TD align="left" valign="top"><FONT size="2">
Director</FONT></TD>
<TD></TD>
<TD align="left" valign="top"><FONT size="2">
March 20, 2000</FONT></TD>
</TR>

<TR>
<TD colspan="5">&nbsp;</TD>
</TR>

<TR>
<TD align="left" valign="top"><FONT size="2">
/s/ ROBERT L. FRIEDMAN<BR>
<HR size="1">Robert L. Friedman</FONT></TD>
<TD></TD>
<TD align="left" valign="top"><FONT size="2">
Director</FONT></TD>
<TD></TD>
<TD align="left" valign="top"><FONT size="2">
March 20, 2000</FONT></TD>
</TR>

<TR>
<TD colspan="5">&nbsp;</TD>
</TR>

<TR>
<TD align="left" valign="top"><FONT size="2">
/s/ RICHARD C. LAPPIN<BR>
<HR size="1">Richard C. Lappin</FONT></TD>
<TD></TD>
<TD align="left" valign="top"><FONT size="2">
Director</FONT></TD>
<TD></TD>
<TD align="left" valign="top"><FONT size="2">
March 20, 2000</FONT></TD>
</TR>

<TR>
<TD colspan="5">&nbsp;</TD>
</TR>

<TR>
<TD align="left" valign="top"><FONT size="2">
/s/ BRET D. PEARLMAN<BR>
<HR size="1">Bret D. Pearlman</FONT></TD>
<TD></TD>
<TD align="left" valign="top"><FONT size="2">
Director</FONT></TD>
<TD></TD>
<TD align="left" valign="top"><FONT size="2">
March 20, 2000</FONT></TD>
</TR>

<TR>
<TD colspan="5">&nbsp;</TD>
</TR>

<TR>
<TD align="left" valign="top"><FONT size="2">
/s/ JOHN P. REILLY<BR>
<HR size="1">John P. Reilly</FONT></TD>
<TD></TD>
<TD align="left" valign="top"><FONT size="2">
Director</FONT></TD>
<TD></TD>
<TD align="left" valign="top"><FONT size="2">
March 20, 2000</FONT></TD>
</TR>

<TR>
<TD colspan="5">&nbsp;</TD>
</TR>

<TR>
<TD align="left" valign="top"><FONT size="2">
/s/ THOMAS K. WALKER<BR>
<HR size="1">Thomas K. Walker</FONT></TD>
<TD></TD>
<TD align="left" valign="top"><FONT size="2">
Director</FONT></TD>
<TD></TD>
<TD align="left" valign="top"><FONT size="2">
March 20, 2000</FONT></TD>
</TR>

<TR>
<TD colspan="5">&nbsp;</TD>
</TR>

<TR>
<TD align="left" valign="top"><FONT size="2">
/s/ DAVID A. STOCKMAN<BR>
<HR size="1">David A. Stockman</FONT></TD>
<TD></TD>
<TD align="left" valign="top"><FONT size="2">
Director</FONT></TD>
<TD></TD>
<TD align="left" valign="top"><FONT size="2">
March 20, 2000</FONT></TD>
</TR>

</TABLE>
</CENTER>

<P align="center">14
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left"><A HREF="#toc">Table of Contents</A></H5><P>

<P align="center"><B>SCHEDULE II&nbsp;&#151; VALUATION AND QUALIFYING ACCOUNTS</B>

<DIV align="center">
<B>AMERICAN AXLE &#38; MANUFACTURING HOLDINGS, INC.</B>
</DIV>

<P align="left"><B>Allowance for Doubtful Accounts</B>

<CENTER>
<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
<TD width="48%">&nbsp;</TD>
<TD width="3%">&nbsp;</TD>
<TD width="5%">&nbsp;</TD>
<TD width="1%">&nbsp;</TD>
<TD width="4%">&nbsp;</TD>
<TD width="3%">&nbsp;</TD>
<TD width="5%">&nbsp;</TD>
<TD width="1%">&nbsp;</TD>
<TD width="5%">&nbsp;</TD>
<TD width="3%">&nbsp;</TD>
<TD width="6%">&nbsp;</TD>
<TD width="1%">&nbsp;</TD>
<TD width="5%">&nbsp;</TD>
<TD width="3%">&nbsp;</TD>
<TD width="3%">&nbsp;</TD>
<TD width="1%">&nbsp;</TD>
<TD width="3%">&nbsp;</TD>
</TR>

<TR>
<TD></TD>
<TD></TD>
<TD colspan="3"></TD>
<TD></TD>
<TD align="center" nowrap colspan="3"><FONT size="2"><B>Additions&nbsp;-</B></FONT></TD>
<TD></TD>
<TD colspan="3"></TD>
<TD></TD>
<TD colspan="3"></TD>
</TR>

<TR>
<TD></TD>
<TD></TD>
<TD align="center" nowrap colspan="3"><FONT size="2"><B>Balance at</B></FONT></TD>
<TD></TD>
<TD align="center" nowrap colspan="3"><FONT size="2"><B>Charged to</B></FONT></TD>
<TD></TD>
<TD align="center" nowrap colspan="3"><FONT size="2"><B>Deductions&nbsp;-</B></FONT></TD>
<TD></TD>
<TD align="center" nowrap colspan="3"><FONT size="2"><B>Balance</B></FONT></TD>
</TR>

<TR>
<TD></TD>
<TD></TD>
<TD align="center" nowrap colspan="3"><FONT size="2"><B>Beginning of</B></FONT></TD>
<TD></TD>
<TD align="center" nowrap colspan="3"><FONT size="2"><B>Costs and</B></FONT></TD>
<TD></TD>
<TD align="center" nowrap colspan="3"><FONT size="2"><B>See Note&nbsp;(1)</B></FONT></TD>
<TD></TD>
<TD align="center" nowrap colspan="3"><FONT size="2"><B>At End of</B></FONT></TD>
</TR>

<TR>
<TD align="center" nowrap><FONT size="2"><B>Period</B></FONT></TD>
<TD></TD>
<TD align="center" nowrap colspan="3"><FONT size="2"><B>Period</B></FONT></TD>
<TD></TD>
<TD align="center" nowrap colspan="3"><FONT size="2"><B>Expenses</B></FONT></TD>
<TD></TD>
<TD align="center" nowrap colspan="3"><FONT size="2"><B>below</B></FONT></TD>
<TD></TD>
<TD align="center" nowrap colspan="3"><FONT size="2"><B>Period</B></FONT></TD>
</TR>

<TR>
<TD align="center" nowrap><HR size="1"></TD>
<TD></TD>
<TD align="center" nowrap colspan="3"><HR size="1"></TD>
<TD></TD>
<TD align="center" nowrap colspan="3"><HR size="1"></TD>
<TD></TD>
<TD align="center" nowrap colspan="3"><HR size="1"></TD>
<TD></TD>
<TD align="center" nowrap colspan="3"><HR size="1"></TD>
</TR>

<TR>
<TD></TD>
<TD></TD>
<TD colspan="15"></TD>
</TR>

<TR>
<TD></TD>
<TD></TD>
<TD align="center" nowrap colspan="15"><FONT size="2"><B>(In millions)</B></FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
<TD align="left" valign="top"><FONT size="2">
Year Ended December&nbsp;31, 1999</FONT></TD>
<TD></TD>
<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">2.9</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">2.4</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">0.3</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">5.0</FONT></TD>
<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
<TD align="left" valign="top"><FONT size="2">
Year Ended December&nbsp;31, 1998</FONT></TD>
<TD></TD>
<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">3.2</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">3.5</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">3.8</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">2.9</FONT></TD>
<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
<TD align="left" valign="top"><FONT size="2">
Year Ended December&nbsp;31, 1997</FONT></TD>
<TD></TD>
<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">2.6</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">1.0</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">0.4</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">3.2</FONT></TD>
<TD></TD>
</TR>

</TABLE>
</CENTER>

<DIV align="left">
<HR size="1" width="31%" align="left">
</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
<TD width="4%"></TD>
<TD width="96%"></TD>
</TR>

<TR valign="top">
<TD>(1)&nbsp;</TD>
<TD align="left">
Uncollectible accounts charged off net of recoveries.</TD>
</TR>

</TABLE>

<P align="center">15
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<P><HR noshade><P>
<H5 align="left"><A HREF="#toc">Table of Contents</A></H5><P>

<P align="center"><B>INDEPENDENT AUDITORS&#146; REPORT</B>

<P align="left">To the Board of Directors and Stockholders of

<DIV align="left">
American Axle &#38; Manufacturing Holdings, Inc.
</DIV>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
We have audited the accompanying consolidated balance sheets of
American Axle &#38; Manufacturing Holdings, Inc. and its
subsidiaries (the &#147;Company&#148;) as of December&nbsp;31,
1999 and 1998, and the related consolidated statements of income,
stockholders&#146; equity, and cash flows for each of the two
years in the period ended December&nbsp;31, 1999. Our audits also
included the financial statement schedule listed in the Index at
Item&nbsp;14. These financial statements and financial statement
schedule are the responsibility of the Corporation&#146;s
management. Our responsibility is to express an opinion on the
financial statements and financial statement schedule based on
our audits.

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
We conducted our audits in accordance with generally accepted
auditing standards. Those standards require that we plan and
perform the audit to obtain reasonable assurance about whether
the financial statements are free of material misstatement. An
audit includes examining, on a test basis, evidence supporting
the amounts and disclosures in the financial statements. An audit
also includes assessing the accounting principles used and
significant estimates made by management, as well as evaluating
the overall financial statement presentation. We believe that our
audits provide a reasonable basis for our opinion.

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
In our opinion, such 1999 and 1998 consolidated financial
statements present fairly, in all material respects, the
financial position of the Company at December&nbsp;31, 1999 and
1998, and the results of their operations and their cash flows
for each of the two years in the period ended December&nbsp;31,
1999 in conformity with generally accepted accounting principles.
Also, in our opinion, such financial statement schedule (as of
and for the years ended December&nbsp;31, 1999 and 1998), when
considered in relation to the basic consolidated financial
statements taken as a whole, present fairly in all material
respects the information set forth therein.
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
<TD width="38%"></TD>
<TD width="62%"></TD>
</TR>

<TR valign="top">
<TD>&nbsp;</TD>
<TD align="left">
/s/&nbsp; DELOITTE &#38; TOUCHE LLP</TD>
</TR>

</TABLE>

<DIV align="left">
Detroit, Michigan
</DIV>

<DIV align="left">
January&nbsp;26, 2000
</DIV>

<P align="center">16
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<P><HR noshade><P>
<H5 align="left"><A HREF="#toc">Table of Contents</A></H5><P>

<P align="center"><B>REPORT OF INDEPENDENT AUDITORS</B>

<P align="left">Board of Directors

<DIV align="left">
American Axle &#38; Manufacturing Holdings, Inc.
</DIV>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
We have audited the accompanying consolidated statements of
income, cash flows and stockholders&#146; equity of American Axle
&#38; Manufacturing Holdings, Inc. for the year ended
December&nbsp;31, 1997. Our audit also included the financial
statement schedule (as of and for the year ended
December&nbsp;31, 1997) listed in Item&nbsp;14. These financial
statements and schedule are the responsibility of the
Company&#146;s management. Our responsibility is to express an
opinion on these financial statements and schedule based on our
audit.

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
We conducted our audit in accordance with generally accepted
auditing standards in the United States. Those standards require
that we plan and perform the audit to obtain reasonable assurance
about whether the financial statements are free of material
misstatement. An audit includes examining, on a test basis,
evidence supporting the amounts and disclosures in the financial
statements. An audit also includes assessing the accounting
principles used and significant estimates made by management, as
well as evaluating the overall financial statement presentation.
We believe that our audit provides a reasonable basis for our
opinion.

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
In our opinion, the consolidated financial statements referred to
above present fairly, in all material respects, the consolidated
results of operations and cash flows of American Axle &#38;
Manufacturing Holdings, Inc. and subsidiaries for the year ended
December&nbsp;31, 1997 in conformity with generally accepted
accounting principles in the United States. Also, in our opinion,
the related financial statement schedule (as of and for the year
ended December&nbsp;31, 1997), when considered in relation to
the basic financial statements taken as a whole, presents fairly
in all material respects, the information set forth therein.
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
<TD width="38%"></TD>
<TD width="62%"></TD>
</TR>

<TR valign="top">
<TD>&nbsp;</TD>
<TD align="left">
/s/&nbsp; ERNST &#38; YOUNG LLP</TD>
</TR>

</TABLE>

<DIV align="left">
Detroit, Michigan
</DIV>

<DIV align="left">
May&nbsp;15, 1998, except as to the Note 16 thereto,
</DIV>

<DIV align="left">
as to which the date is January&nbsp;22, 1999.
</DIV>

<P align="center">17
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<P><HR noshade><P>
<H5 align="left"><A HREF="#toc">Table of Contents</A></H5><P>

<P align="center">
[AMERICAN AXLE &#38; MANUFACTURING LOGO]

<P align="right">
<FONT size="6">[RECYCLE LOGO]</FONT>
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left"><A HREF="#toc">Table of Contents</A></H5><P>

<P align="center"><B>Exhibit Index</B>

<CENTER>
<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
<TD width="34%">&nbsp;</TD>
<TD width="3%">&nbsp;</TD>
<TD width="3%">&nbsp;</TD>
<TD width="60%">&nbsp;</TD>
</TR>

<TR>
<TD align="center" nowrap><FONT size="2"><B>Number</B></FONT></TD>
<TD></TD>
<TD align="center" nowrap colspan="2"><FONT size="2"><B>Description of Exhibit</B></FONT></TD>
</TR>

<TR>
<TD align="center" nowrap><HR size="1"></TD>
<TD></TD>
<TD align="center" nowrap colspan="2"><HR size="1"></TD>
</TR>

<TR>
<TD align="left" valign="top"><FONT size="2">
4.01(a)</FONT></TD>
<TD></TD>
<TD colspan="2" align="left" valign="bottom"><FONT size="2">
Specimen Stock Certificate</FONT></TD>
</TR>

<TR>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="left" valign="bottom"><FONT size="2">
(Incorporated by reference to Exhibit&nbsp;4.01 filed with
American Axle&nbsp;&#38; Manufacturing Holdings, Inc.
Registration Statement on Form&nbsp;S-1 (Registration
No.&nbsp;333-53491))</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
<TD align="left" valign="top"><FONT size="2">
4.01(b)</FONT></TD>
<TD></TD>
<TD colspan="2" align="left" valign="bottom"><FONT size="2">
Indenture, dated as of March&nbsp;5, 1999, among American
Axle&nbsp; &#38; Manufacturing, Inc., as issuer, American
Axle&nbsp;&#38; Manufacturing Holdings, Inc., as guarantor, and
IBJ Whitehall Bank&nbsp;&#38; Trust Company, as trustee</FONT></TD>
</TR>

<TR>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="left" valign="bottom"><FONT size="2">
(Incorporated by reference to Exhibit&nbsp;4.01 filed with
American Axle&nbsp;&#38; Manufacturing Holdings, Inc.
Registration Statement on Form&nbsp;S-4 (Registration
No.&nbsp;333-76605))</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
<TD align="left" valign="top"><FONT size="2">
4.02</FONT></TD>
<TD></TD>
<TD colspan="2" align="left" valign="bottom"><FONT size="2">
Form of 9.75% Senior Subordinated Note due 2009 (the
&#147;Exchange Note&#148;)</FONT></TD>
</TR>

<TR>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="left" valign="bottom"><FONT size="2">
(Incorporated by reference to Exhibit&nbsp;4.02 filed with
American Axle&nbsp;&#38; Manufacturing Holdings, Inc.
Registration Statement on Form&nbsp;S-4 (Registration
No.&nbsp;333-76605))</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
<TD align="left" valign="top"><FONT size="2">
4.03</FONT></TD>
<TD></TD>
<TD colspan="2" align="left" valign="bottom"><FONT size="2">
Exchange and Registration Rights Agreement, dated March&nbsp;5,
1999, among AAM Inc., Chase Securities, Inc., Donaldson Lufkin
&#38; Jenrette Securities Corporation and Morgan Stanley&nbsp;
&#38; Co. Incorporated</FONT></TD>
</TR>

<TR>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="left" valign="bottom"><FONT size="2">
(Incorporated by reference to Exhibit&nbsp;4.03 filed with
American Axle &#38; Manufacturing Holdings, Inc. Registration
Statement on Form&nbsp;S-4 (Registration No.&nbsp;333-76605))</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
<TD align="left" valign="top"><FONT size="2">
10.01</FONT></TD>
<TD></TD>
<TD colspan="2" align="left" valign="bottom"><FONT size="2">
Amendment No.&nbsp;2, Waiver and Agreement, dated as of
January&nbsp; 11, 1999, to the Credit Agreement, dated as of
October&nbsp;27, 1997 among the Company, American Axle &#38;
Manufacturing, Inc., the lenders named therein, The Chase
Manhattan Bank, as administrative agent and collateral agent, and
Chase Manhattan Bank Delaware, as fronting bank</FONT></TD>
</TR>

<TR>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="left" valign="bottom"><FONT size="2">
(Incorporated by reference to Exhibit&nbsp;10.15(a) filed with
American Axle &#38; Manufacturing Holdings, Inc. Registration
Statement on Form&nbsp;S-1 (Registration No.&nbsp; 333-53491))</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
<TD align="left" valign="top"><FONT size="2">
10.02</FONT></TD>
<TD></TD>
<TD colspan="2" align="left" valign="bottom"><FONT size="2">
AAM Master Trust Pooling Agreement, dated as of October&nbsp;29,
1997, as Amended and Restated as of March&nbsp;25, 1999, among
AAM Receivables Corp. (&#147;AAM Receivables&#148;), the Company,
as Servicer, and The Chase Manhattan Bank, as Trustee</FONT></TD>
</TR>

<TR>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="left" valign="bottom"><FONT size="2">
(Incorporated by reference to Exhibit&nbsp;10.16 filed with
American Axle &#38; Manufacturing Holdings, Inc. Registration
Statement on Form&nbsp;S-4 (Registration No.&nbsp;333-76605))</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
<TD align="left" valign="top"><FONT size="2">
10.03</FONT></TD>
<TD></TD>
<TD colspan="2" align="left" valign="bottom"><FONT size="2">
AAM Master Trust Series&nbsp;1999-A Supplement to Pooling
Agreement, dated as of March&nbsp;25, 1999, among AAM
Receivables, the Company, as Servicer, and The Chase Manhattan
Bank, as Trustee</FONT></TD>
</TR>

<TR>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="left" valign="bottom"><FONT size="2">
(Incorporated by reference to Exhibit&nbsp;10.16(a) filed with
American Axle &#38; Manufacturing Holdings, Inc. Registration
Statement on Form&nbsp;S-4 (Registration No.&nbsp; 333-76605))</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
<TD align="left" valign="top"><FONT size="2">
10.04</FONT></TD>
<TD></TD>
<TD colspan="2" align="left" valign="bottom"><FONT size="2">
Receivables Sale Agreement, dated as of October&nbsp;29, 1997, as
Amended and Restated as of March&nbsp;25, 1999, among AAM
Receivables, the Company, as Servicer, and The Chase Manhattan
Bank, as Trustee</FONT></TD>
</TR>

<TR>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="left" valign="bottom"><FONT size="2">
(Incorporated by reference to Exhibit&nbsp;10.17 filed with
American Axle &#38; Manufacturing Holdings, Inc. Registration
Statement on Form&nbsp;S-4 (Registration No.&nbsp;333-76605))</FONT></TD>
</TR>

</TABLE>
</CENTER>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left"><A HREF="#toc">Table of Contents</A></H5><P>

<CENTER>
<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
<TD width="34%">&nbsp;</TD>
<TD width="3%">&nbsp;</TD>
<TD width="3%">&nbsp;</TD>
<TD width="60%">&nbsp;</TD>
</TR>

<TR>
<TD align="center" nowrap><FONT size="2"><B>Number</B></FONT></TD>
<TD></TD>
<TD align="center" nowrap colspan="2"><FONT size="2"><B>Description of Exhibit</B></FONT></TD>
</TR>

<TR>
<TD align="center" nowrap><HR size="1"></TD>
<TD></TD>
<TD align="center" nowrap colspan="2"><HR size="1"></TD>
</TR>

<TR>
<TD align="left" valign="top"><FONT size="2">
10.05</FONT></TD>
<TD></TD>
<TD colspan="2" align="left" valign="bottom"><FONT size="2">
Servicing Agreement, dated as of October&nbsp;27, 1997, as
Amended and Restated as of March&nbsp;25, 1999, among AAM
Receivables, the Company, as Servicer, and The Chase Manhattan
Bank, as Trustee</FONT></TD>
</TR>

<TR>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="left" valign="bottom"><FONT size="2">
(Incorporated by reference to Exhibit&nbsp;10.18 filed with
American Axle &#38; Manufacturing Holdings, Inc. Registration
Statement on Form&nbsp;S-4 (Registration No.&nbsp;333-76605))</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
<TD align="left" valign="top"><FONT size="2">
10.06</FONT></TD>
<TD></TD>
<TD colspan="2" align="left" valign="bottom"><FONT size="2">
Employment agreement, dated as of July&nbsp;6, 1999, by and
between American Axle &#38; Manufacturing Holdings, Inc. and
Robin J. Adams</FONT></TD>
</TR>

<TR>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="left" valign="bottom"><FONT size="2">
(Incorporated by reference to Exhibit&nbsp;10.01 filed with
American Axle &#38; Manufacturing Holdings, Inc. Form&nbsp;10-Q
for the quarterly period ended June&nbsp;30, 1999)</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
<TD align="left" valign="top"><FONT size="2">
10.07</FONT></TD>
<TD></TD>
<TD colspan="2" align="left" valign="bottom"><FONT size="2">
Amendment No.&nbsp;2 dated August&nbsp;31, 1999, to the AAM/ GMCL
Supply Agreement between American Axle &#38; Manufacturing, Inc.
and General Motors of Canada Limited (&#147;GMCL&#148;)
originally dated February&nbsp;17, 1994 (the &#147;Supply
Agreement&#148;)</FONT></TD>
</TR>

<TR>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="left" valign="bottom"><FONT size="2">
(Incorporated by reference to Exhibit&nbsp;10.01 filed with
American Axle &#38; Manufacturing Holdings, Inc. Form&nbsp;10-Q
for the quarterly period ended September&nbsp;30, 1999)</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
<TD align="left" valign="top"><FONT size="2">
*12</FONT></TD>
<TD></TD>
<TD colspan="2" align="left" valign="bottom"><FONT size="2">
Statement of Computation of Ratio of Earnings to Fixed Charges</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
<TD align="left" valign="top"><FONT size="2">
*13</FONT></TD>
<TD></TD>
<TD colspan="2" align="left" valign="bottom"><FONT size="2">
Annual Report to Stockholders for the year ended December&nbsp;
31, 1999</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
<TD align="left" valign="top"><FONT size="2">
*21</FONT></TD>
<TD></TD>
<TD colspan="2" align="left" valign="bottom"><FONT size="2">
Subsidiaries of the Company</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
<TD align="left" valign="top"><FONT size="2">
*27</FONT></TD>
<TD></TD>
<TD colspan="2" align="left" valign="bottom"><FONT size="2">
Financial Data Schedule</FONT></TD>
</TR>

</TABLE>
</CENTER>

<P align="center">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
(All other exhibits are not applicable.)

<DIV align="left">
<HR size="1" width="31%" align="left">
</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
<TD width="3%"></TD>
<TD width="97%"></TD>
</TR>

<TR valign="top">
<TD>&nbsp;*&nbsp;</TD>
<TD align="left">
Filed herewith</TD>
</TR>

</TABLE>
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</HTML>