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American Axle & Manufacturing Closes Sale/Leaseback Transactions

2 July 1999

American Axle & Manufacturing Closes Sale/Leaseback Transactions

    DETROIT, July 2 -- American Axle & Manufacturing, Inc.
announces the closing on June 30, 1999 of sale/leaseback
transactions, involving approximately $138 million of machinery and equipment.
The total sale/leaseback transactions closed in 1999 and financed under
operating leases equal approximately $187 million.
    "These sale/leaseback transactions were planned for the first half of
1999," said Robert A. Krause, treasurer & acting chief financial officer.
"They are consistent with our financial strategy and provide operating
flexibility."
    In other news, Frank Russell Co. announced that it expects to add AAM to
its Russell 2000 index.
    AAM is a world leader in the manufacture, engineering and design of
driveline systems, chassis systems and forged products for trucks, buses,
sport utility vehicles, and passenger cars.  In addition to 12 locations in
the United States (in Michigan, Ohio and New York), AAM has offices and
facilities in Japan, England, Germany, and Scotland and it is currently
building a manufacturing facility and business office in Mexico.

    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 prospectuses with the Securities and
Exchange Commission.

    For more information, contact Patrick J. Paige, director, Corporate
Relations & Communications, at 313-974-2948, or visit the AAM website at
http://www.aam.com .