American Axle & Manufacturing Prices Initial Public Offering

29 January 1999
American Axle & Manufacturing Prices Initial Public Offering
    DETROIT, Jan. 29 -- American Axle & Manufacturing Holdings,
Inc. (AAM) announced today that it has priced its initial public offering of 7
million common shares at $17 per share.  The stock trades on the New York
Stock Exchange (NYSE) under the symbol "AXL" on a when issued basis.
    The AAM underwriting team is led by Merrill Lynch & Co. and also includes
Credit Suisse First Boston; Donaldson, Lufkin & Jenrette; Morgan Stanley Dean
Witter; and PaineWebber Incorporated, from whom written prospectuses may be
obtained.
    Prior to this offering, there has been no public market for this common
stock.
    AAM Chairman, CEO & President Richard E. Dauch said, "In the five years
since AAM was formed, our team has improved the company's quality, cost,
product delivery, technology, customer base and associate training, while
growing our business.  With the strong track record established by our entire
organization, we believe AAM will continue to grow and prosper."
    "We welcome American Axle & Manufacturing to the family of New York Stock
Exchange listed companies," said Richard A. Grasso, NYSE chairman and chief
executive officer.  "We are proud that a company of its caliber joins the NYSE
marketplace."
    American Axle & Manufacturing, one of the world's leading premier
automotive suppliers, designs, engineers and manufactures a wide variety of
systems, modules and components including rear axles, independent front four-
wheel drive axles, all wheel drive systems, independent rear-drive systems
(IRDS), TracRite(TM) differentials, propeller shafts, steering linkages, anti-
roll systems, steering & suspension systems, and forged products.  American
Axle & Manufacturing is headquartered in Detroit, Michigan.  It has offices
and facilities in Michigan; New York; Tokyo, Japan; Ulm, Germany; the United
Kingdom; and is currently constructing a manufacturing facility and business
office in Guanajuato, Mexico.
    AAM has approximately 9,500 employee associates and its 1997 revenues were
$2.2 billion.
    Certain statements contained in this press release which are not
historical facts contain forward-looking information with respect to the
Company's plans, projections or future performance, the occurrence of which
involve risks and uncertainties that could cause the Company's actual results
or plans to differ materially from those expected by the Company which include
risk factors described in the Company's prospectus.