|        |
|--------|
|        |
|   |

|        |
|--------|
|        |  |
| R      | QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
|   |   |
|   | For the quarterly period ended March 31, 2011 |
|   |   |
| or     |
|   |   |
| o      | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
|   |   |
|   | For the transition period from  _____________ to _____________ |
|   |   |

|        |
|--------|
|        |  |  |  |  |
|   | Delaware |   | 36-3161171 |   |
|   | (State or Other Jurisdiction of Incorporation or Organization) |   | (I.R.S. Employer Identification No.) |   |
|   |   |   |   |   |
|   | One Dauch Drive, Detroit, Michigan |   | 48211-1198 |   |
|   | (Address of Principal Executive Offices) |   | (Zip Code) |   |

----

|                            |
|----------------------------|
|                            |  |  |  |
|                       |   |   | Page Number |
|                       |   |   |
| FORWARD-LOOKING STATEMENTS |   | 1 |
|                       |   |   |   |
| Part I                     |   | FINANCIAL INFORMATION | 2 |
|                       |   |   |   |
|                       | Item 1 | Financial Statements | 2 |
|                       |   | Condensed Consolidated Statements of Operations | 2 |
|                       |   | Condensed Consolidated Balance Sheets | 3 |
|                       |   | Condensed Consolidated Statements of Cash Flows | 4 |
|                       |   | Notes to Condensed Consolidated Financial Statements | 5 |
|                       |   |   |   |
|                       | Item 2 | Management's Discussion and Analysis of Financial Condition and Results of Operations | 21 |
|                       |   |   |   |
|                       | Item 3 | Quantitative and Qualitative Disclosures About Market Risk | 25 |
|                       |   |   |   |
|                       | Item 4 | Controls and Procedures | 25 |
|                       |   |   |   |
| Part II                    |   | OTHER INFORMATION | 26 |
|                       |   |   |   |
|                       | Item 1A | Risk Factors | 26 |
|                       |   |   |   |
|                       | Item 2 | Unregistered Sales of Equity Securities and Use of Proceeds | 26 |
|                       |   |   |   |
|                       | Item 6 | Exhibits | 26 |
|                       |   |   |   |
|                       |   | Signatures | 27 |
|                       |   |   |   |
|                       |   | Exhibit Index | 28 |
|                       |   |   |   |
|                       |   | Ex. 31.1  Certification - CEO - Rule 13a-14(a) |   |
|                       |   | Ex. 31.2  Certification - CFO - Rule 13a-14(a) |   |
|                       |   | Ex. 32  Section 906 Certifications |   |

----

|         |                                   |
|---------|-----------------------------------|
| • | global economic conditions;  |

|         |                                                                                                                                                   |
|---------|---------------------------------------------------------------------------------------------------------------------------------------------------|
| • | our ability to comply with the definitive terms and conditions of various commercial and financing arrangements with General Motors Company (GM); |

|         |                                                                                            |
|---------|--------------------------------------------------------------------------------------------|
| • | reduced purchases of our products by GM, Chrysler Group LLC (Chrysler) or other customers; |

|         |                                                                                                                    |
|---------|--------------------------------------------------------------------------------------------------------------------|
| • | reduced demand for our customers’ products (particularly light trucks and SUVs produced by GM and Chrysler); |

|         |                                                                                                                                                                             |
|---------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | availability of financing for working capital, capital expenditures, R&D or other general corporate purposes, including our ability to comply with financial covenants; |

|         |                                                                                                                                                             |
|---------|-------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | our customers’ and suppliers’ availability of financing for working capital, capital expenditures, R&D or other general corporate purposes; |

|         |                                                                               |
|---------|-------------------------------------------------------------------------------|
| • | our ability to achieve cost reductions through ongoing restructuring actions; |

|         |                                                                                                      |
|---------|------------------------------------------------------------------------------------------------------|
| • | our ability to achieve the level of cost reductions required to sustain global cost competitiveness; |

|         |                                                                                                                                              |
|---------|----------------------------------------------------------------------------------------------------------------------------------------------|
| • | our ability, our suppliers' ability and our customers' ability to avoid supply shortages as a result of recent events in Japan or otherwise; |

|         |                                                                                       |
|---------|---------------------------------------------------------------------------------------|
| • | our ability to maintain satisfactory labor relations and avoid future work stoppages; |

|         |                                                                                                                                                  |
|---------|--------------------------------------------------------------------------------------------------------------------------------------------------|
| • | our suppliers’, our customers’ and their suppliers’ ability to maintain satisfactory labor relations and avoid work stoppages; |

|         |                                                  |
|---------|--------------------------------------------------|
| • | additional restructuring actions that may occur; |

|         |                                                                                     |
|---------|-------------------------------------------------------------------------------------|
| • | our ability to continue to implement improvements in our U.S. labor cost structure; |

|         |                                                                                              |
|---------|----------------------------------------------------------------------------------------------|
| • | supply shortages or price increases in raw materials, utilities or other operating supplies; |

|         |                                                                          |
|---------|--------------------------------------------------------------------------|
| • | our ability to consummate and integrate acquisitions and joint ventures; |

|         |                                                                                                                                 |
|---------|---------------------------------------------------------------------------------------------------------------------------------|
| • | our ability or our customers’ and suppliers’ ability to successfully launch new product programs on a timely basis; |

|         |                                                                                             |
|---------|---------------------------------------------------------------------------------------------|
| • | our ability to realize the expected revenues from our new and incremental business backlog; |

|         |                                                                     |
|---------|---------------------------------------------------------------------|
| • | our ability to attract new customers and programs for new products; |

|         |                                                                             |
|---------|-----------------------------------------------------------------------------|
| • | our ability to develop and produce new products that reflect market demand; |

|         |                                                                       |
|---------|-----------------------------------------------------------------------|
| • | lower-than-anticipated market acceptance of new or existing products; |

|         |                                                                                              |
|---------|----------------------------------------------------------------------------------------------|
| • | our ability to respond to changes in technology, increased competition or pricing pressures; |

|         |                                                        |
|---------|--------------------------------------------------------|
| • | price volatility in, or reduced availability of, fuel; |

|         |                                                                                                                                                                                                             |
|---------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | adverse changes in laws, government regulations or market conditions affecting our products or our customers’ products (such as the Corporate Average Fuel Economy (“CAFE”) regulations); |

|         |                                                                                                                                                                                                                         |
|---------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | risks inherent in our international operations (including adverse changes in the political stability, taxes and other law changes, potential disruption of production and supply, and currency rate fluctuations); |

|         |                                                                                                                                          |
|---------|------------------------------------------------------------------------------------------------------------------------------------------|
| • | liabilities arising from warranty claims, product recall, product liability and legal proceedings to which we are or may become a party; |

|         |                                                                                           |
|---------|-------------------------------------------------------------------------------------------|
| • | changes in liabilities arising from pension and other postretirement benefit obligations; |

|         |                                                                                                                                                 |
|---------|-------------------------------------------------------------------------------------------------------------------------------------------------|
| • | risks of noncompliance with environmental regulations or risks of environmental issues that could result in unforeseen costs at our facilities; |

|         |                                                   |
|---------|---------------------------------------------------|
| • | our ability to attract and retain key associates; |

|         |                                                                                   |
|---------|-----------------------------------------------------------------------------------|
| • | other unanticipated events and conditions that may hinder our ability to compete. |

----

|                                                            |
|------------------------------------------------------------|
|                                                            |  |  |  |  |  |  |  |
|                                                       | Three Months Ended |
|                                                       | March 31, |
|                                                       | 2011 |   | 2010 |
|                                                       | (in millions, except per share data) |
|                                                       |   |   |   |   |   |
| Net sales                                                  | $ | 645.6 |   |   | $ | 521.9 |   |
|                                                       |   |
| Cost of goods sold                                         | 530.2 |   |   | 434.6 |   |
|                                                       |   |   |   |
| Gross profit                                               | 115.4 |   |   | 87.3 |   |
|                                                       |   |   |   |
| Selling, general and administrative expenses               | 56.7 |   |   | 45.3 |   |
|                                                       |   |   |   |
| Operating income                                           | 58.7 |   |   | 42.0 |   |
|                                                       |   |   |   |
| Interest expense                                           | (21.3 | ) |   | (22.7 | ) |
|                                                       |   |   |   |
| Investment income                                          | 0.3 |   |   | 0.4 |   |
|                                                       |   |   |   |
| Other income (expense), net                           | 1.0 |   |   | (1.5 | ) |
|                                                       |   |   |   |
| Income before income taxes                                 | 38.7 |   |   | 18.2 |   |
|                                                       |   |   |   |
| Income tax expense                                         | 2.1 |   |   | 2.0 |   |
|                                                       |   |
| Net income                                                 | 36.6 |   |   | 16.2 |   |
|                                                       |   |
| Net loss attributable to the noncontrolling interests | 1.1 |   |   | 0.1 |   |
|                                                       |   |
| Net income attributable to AAM                             | $ | 37.7 |   |   | $ | 16.3 |   |
|                                                       |   |
| Basic earnings per share                                   | $ | 0.51 |   |   | $ | 0.23 |   |
|                                                       |   |
| Diluted earnings per share                                 | $ | 0.50 |   |   | $ | 0.22 |   |

----

|                                                                     |
|---------------------------------------------------------------------|
|                                                                     |  |  |  |  |  |  |  |  |
|                                                                |   | March 31, 2011 |   | December 31, 2010 |
|                                                                |   | (Unaudited) |   |   |
| Assets                                                              |   | (in millions) |
| Current assets                                                      |   |   |
| Cash and cash equivalents                                           |   | $ | 217.4 |   |   | $ | 244.6 |   |
| Accounts receivable, net                                            |   | 209.7 |   |   | 146.6 |   |
| Inventories, net                                                    |   | 133.6 |   |   | 130.3 |   |
| Prepaid expenses and other current assets                           |   | 82.9 |   |   | 80.6 |   |
| Total current assets                                                |   | 643.6 |   |   | 602.1 |   |
|                                                                |   |   |   |   |   |   |
| Property, plant and equipment, net                                  |   | 946.9 |   |   | 936.3 |   |
| Goodwill                                                            |   | 156.4 |   |   | 155.8 |   |
| GM postretirement cost sharing asset                                |   | 243.9 |   |   | 244.4 |   |
| Other assets and deferred charges                                   |   | 177.0 |   |   | 176.1 |   |
| Total assets                                                        |   | $ | 2,167.8 |   |   | $ | 2,114.7 |   |
|                                                                |   |   |   |   |   |   |
| Liabilities and Stockholders’ Deficit                         |   |   |   |   |   |   |
| Current liabilities                                                 |   |   |   |   |   |   |
| Accounts payable                                                    |   | $ | 321.8 |   |   | $ | 283.6 |   |
| Accrued compensation and benefits                                   |   | 110.4 |   |   | 115.1 |   |
| Deferred revenue                                                    |   | 74.7 |   |   | 79.9 |   |
| Accrued expenses and other current liabilities                      |   | 76.3 |   |   | 90.5 |   |
| Total current liabilities                                           |   | 583.2 |   |   | 569.1 |   |
|                                                                |   |   |   |   |   |   |
| Long-term debt                                                      |   | 1,007.4 |   |   | 1,010.0 |   |
| Deferred revenue                                                    |   | 101.9 |   |   | 116.0 |   |
| Postretirement benefits and other long-term liabilities             |   | 890.7 |   |   | 887.7 |   |
| Total liabilities                                                   |   | 2,583.2 |   |   | 2,582.8 |   |
|                                                                |   |   |   |   |   |   |
| Stockholders' deficit                                               |   |   |   |   |   |   |
| Common stock, par value $0.01 per share                             |   | 0.8 |   |   | 0.8 |   |
| Paid-in capital                                                     |   | 594.8 |   |   | 588.1 |   |
| Accumulated deficit                                                 |   | (748.6 | ) |   | (786.3 | ) |
| Treasury stock at cost, 5.5 million shares as of March 31, 2011 and |   |   |   |   |   |
| December 31, 2010                                                   |   | (176.2 | ) |   | (176.1 | ) |
| Accumulated other comprehensive income (loss), net of tax           |   |   |   |   |
| Defined benefit plans                                               |   | (149.0 | ) |   | (152.1 | ) |
| Foreign currency translation adjustments                            |   | 49.2 |   |   | 44.8 |   |
| Unrecognized gain on derivatives                                    |   | 2.5 |   |   | 1.3 |   |
| Total AAM stockholders' deficit                                     |   | (426.5 | ) |   | (479.5 | ) |
| Noncontrolling interest in subsidiaries                             |   | 11.1 |   |   | 11.4 |   |
| Total stockholders’ deficit                                   |   | (415.4 | ) |   | (468.1 | ) |
| Total liabilities and stockholders' deficit                         |   | $ | 2,167.8 |   |   | $ | 2,114.7 |   |

----

|                                                                                  |
|----------------------------------------------------------------------------------|
|                                                                                  |  |  |  |  |  |  |  |  |
|                                                                             |   | Three Months Ended |
|                                                                             |   | March 31, |
|                                                                             |   | 2011 |   | 2010 |
|                                                                             |   | (in millions) |
| Operating activities                                                             |   |   |   |   |
| Net income                                                                       |   | $ | 36.6 |   |   | $ | 16.2 |   |
| Adjustments to reconcile net income to net cash provided by operating activities |   |   |   |   |
| Depreciation and amortization                                                    |   | 33.9 |   |   | 31.6 |   |
| Deferred income taxes                                                            |   | (0.3 | ) |   | (1.0 | ) |
| Stock-based compensation                                                         |   | 2.1 |   |   | 2.3 |   |
| Pensions and other postretirement benefits, net of contributions                 |   | 5.2 |   |   | (19.4 | ) |
| Loss (gain) on disposal of property, plant and equipment, net                    |   | (0.7 | ) |   | 0.3 |   |
| Changes in operating assets and liabilities                                      |   |   |   |   |   |
| Accounts receivable                                                              |   | (62.4 | ) |   | (37.2 | ) |
| Inventories                                                                      |   | (2.8 | ) |   | (9.6 | ) |
| Accounts payable and accrued expenses                                            |   | 12.8 |   |   | 77.2 |   |
| Deferred revenue                                                                 |   | (19.3 | ) |   | (19.3 | ) |
| Other assets and liabilities                                                     |   | (4.1 | ) |   | 37.9 |   |
| Net cash provided by operating activities                                        |   | 1.0 |   |   | 79.0 |   |
|                                                                             |   |   |   |   |   |   |
| Investing activities                                                             |   |   |   |   |   |   |
| Purchases of property, plant and equipment                                       |   | (31.5 | ) |   | (18.8 | ) |
| Proceeds from sale of property, plant and equipment                              |   | 1.5 |   |   | 0.9 |   |
| Purchase buyouts of leased equipment                                             |   | — |   |   | (4.0 | ) |
| Redemption of short-term investments                                             |   | — |   |   | 1.4 |   |
| Net cash used in investing activities                                            |   | (30.0 | ) |   | (20.5 | ) |
|                                                                             |   |   |   |   |   |   |
| Financing activities                                                             |   |   |   |   |   |   |
| Net short-term borrowings (repayments) under revolving credit facilities         |   | — |   |   | (60.0 | ) |
| Payments of long-term debt and capital lease obligations                         |   | (5.1 | ) |   | (1.0 | ) |
| Proceeds from issuance of long-term debt                                         |   | 1.8 |   |   | 5.5 |   |
| Debt issuance costs                                                              |   | — |   |   | (2.2 | ) |
| Repurchase of treasury stock                                                     |   | (0.1 | ) |   | (1.2 | ) |
| Employee stock option exercises                                                  |   | 4.6 |   |   | — |   |
| Net cash provided by (used in) financing activities                              |   | 1.2 |   |   | (58.9 | ) |
|                                                                             |   |   |   |   |   |   |
| Effect of exchange rate changes on cash                                          |   | 0.6 |   |   | (1.1 | ) |
|                                                                             |   |   |   |   |   |   |
| Net decrease in cash and cash equivalents                                        |   | (27.2 | ) |   | (1.5 | ) |
|                                                                             |   |   |   |   |   |   |
| Cash and cash equivalents at beginning of period                                 |   | 244.6 |   |   | 178.1 |   |
|                                                                             |   |   |   |   |   |   |
| Cash and cash equivalents at end of period                                       |   | $ | 217.4 |   |   | $ | 176.6 |   |
|                                                                             |   |   |   |   |   |   |
| Supplemental cash flow information                                               |   |   |   |   |   |   |
|      Interest paid                                           |   | $ | 37.6 |   |   | $ | 19.5 |   |
|      Income taxes paid (refunds received), net               |   | $ | 2.5 |   |   | $ | (46.7 | ) |

----

|                                             |
|---------------------------------------------|
|                                             |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                                        |   | One-time |   | Asset |   | Contract |   |   |
|                                        |   | Termination |   | Retirement |   | Related |   |   |
|                                        |   | Benefits |   | Obligations |   | Costs |   | Total |
| Accrual as of December 31, 2010             |   | $ | 1.2 |   |   | $ | 1.4 |   |   | $ | 12.2 |   |   | $ | 14.8 |   |
|     Cash utilization    |   | (0.2 | ) |   | (0.1 | ) |   | (1.7 | ) |   | (2.0 | ) |
|     Accrual adjustments |   | — |   |   | 0.1 |   |   | — |   |   | 0.1 |   |
| Accrual as of March 31, 2011                |   | $ | 1.0 |   |   | $ | 1.4 |   |   | $ | 10.5 |   |   | $ | 12.9 |   |

----

|                                    |
|------------------------------------|
|                                    |  |  |  |  |  |  |  |  |
|                               |   | March 31, 2011 |   | December 31, 2010 |
|                               |   | (in millions) |
|                               |   |   |   |   |
| Raw materials and work-in-progress |   | $ | 142.4 |   |   | $ | 137.7 |   |
| Finished goods                     |   | 21.6 |   |   | 20.3 |   |
| Gross inventories                  |   | 164.0 |   |   | 158.0 |   |
| Inventory valuation reserves       |   | (30.4 | ) |   | (27.7 | ) |
| Inventories, net                   |   | $ | 133.6 |   |   | $ | 130.3 |   |

|                              |
|------------------------------|
|                              |  |  |  |  |  |  |  |  |
|                         |   | March 31, 2011 |   | December 31, 2010 |
|                         |   | (in millions) |
|                         |   |   |   |   |
| Revolving Credit Facility    |   | $ | — |   |   | $ | — |   |
| 9.25% Notes, net of discount |   | 420.5 |   |   | 420.3 |   |
| 7.875% Notes                 |   | 300.0 |   |   | 300.0 |   |
| 5.25% Notes, net of discount |   | 249.9 |   |   | 249.9 |   |
| 2.00% Convertible Notes      |   | — |   |   | 0.4 |   |
| Foreign credit facilities    |   | 30.4 |   |   | 32.6 |   |
| Capital lease obligations    |   | 6.6 |   |   | 6.8 |   |
| Long-term debt               |   | $ | 1,007.4 |   |   | $ | 1,010.0 |   |

----

|         |                                                                                     |
|---------|-------------------------------------------------------------------------------------|
| • | Level 1:  Observable inputs such as quoted prices in active markets; |

|         |                                                                                                                                          |
|---------|------------------------------------------------------------------------------------------------------------------------------------------|
| • | Level 2:  Inputs, other than quoted prices in active markets, that are observable either directly or indirectly; and |

|         |                                                                                                                                                             |
|---------|-------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | Level 3:  Unobservable inputs in which there is little or no market data, which require the reporting entity to develop its own assumptions. |

|                                                                   |
|-------------------------------------------------------------------|
|                                                                   |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                                                              |   | March 31, 2011 |   | December 31, 2010 |   |   |
|                                                              |   |   Carrying Amount |   | Fair Value |   | Carrying Amount |   | Fair Value |   | Input |
|                                                              |   | (in millions) |   |   (in millions) |   |   |
| Balance Sheet Classification                                      |   |   |   |   |   |   |   |   |   |   |
| Cash equivalents                                                  |   | $ | 117.7 |   |   | $ | 117.7 |   |   | $ | 152.5 |   |   | $ | 152.5 |   |   | Level 1 |
| Prepaid expenses and other current     assets |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Currency forward contracts                                        |   | 2.5 |   |   | 2.5 |   |   | 1.3 |   |   | 1.3 |   |   | Level 2 |

|                           |
|---------------------------|
|                           |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                      |   | March 31, 2011 |   | December 31, 2010 |   |   |
|                      |   | Carrying  Amount |   | Fair Value |   | Carrying  Amount |   | Fair Value |   |  Input |
|                      |   | (in millions) |   | (in millions) |   |   |
|                      |   |   |   |   |   |   |   |   |   |   |
| Revolving Credit Facility |   | $ | — |   |   | $ | — |   |   | $ | — |   |   | $ | — |   |   | Level 2 |
| 9.25% Notes               |   | 420.5 |   |   | 470.7 |   |   | 420.3 |   |   | 473.9 |   |   | Level 2 |
| 7.875% Notes              |   | 300.0 |   |   | 303.0 |   |   | 300.0 |   |   | 306.0 |   |   | Level 2 |
| 5.25% Notes               |   | 249.9 |   |   | 248.8 |   |   | 249.9 |   |   | 245.0 |   |   | Level 2 |

----

|                            |
|----------------------------|
|                            |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                       |   | Location of |   | Gain Reclassified |   | Gain Expected to |
|                       |   | Gain |   | Three Months Ended |   | be Reclassified |
|                       |   |   Reclassified into |   | March 31, |   | During the |
|                       |   |   Net Income |   | 2011 |   | 2010 |   | Next 12 Months |
|                       |   |   |   | (in millions) |   |   |
|                       |   |   |   |   |   |   |   |   |
| Currency forward contracts |   | Cost of Goods Sold |   | $ | 0.7 |   |   | $ | — |   |   | $ | 2.5 |   |

|                                |
|--------------------------------|
|                                |  |  |  |  |  |  |  |  |
|                           |   | Pension Benefits |
|                           |   | Three Months Ended |
|                           |   | March 31, |
|                           |   | 2011 |   | 2010 |
|                           |   | (in millions) |
|                           |   |   |   |   |
| Service cost                   |   | $ | 1.1 |   |   | $ | 1.2 |   |
| Interest cost                  |   | 9.2 |   |   | 9.3 |   |
| Expected asset return          |   | (7.9 | ) |   | (8.0 | ) |
| Amortized loss                 |   | 1.1 |   |   | 0.6 |   |
| Net periodic benefit cost      |   | $ | 3.5 |   |   | $ | 3.1 |   |
|                           |   |   |
|                           |   | Other Postretirement Benefits |
|                           |   | Three Months Ended |
|                           |   | March 31, |
|                           |   | 2011 |   | 2010 |
|                           |   | (in millions) |
|                           |   |   |   |   |   |   |
| Service cost                   |   | $ | 0.2 |   |   | $ | 0.3 |   |
| Interest cost                  |   | 4.3 |   |   | 4.0 |   |
| Amortized loss (gain)          |   | 0.1 |   |   | (0.3 | ) |
| Amortized prior service credit |   | (0.8 | ) |   | (0.8 | ) |
| Net periodic benefit cost      |   | $ | 3.8 |   |   | $ | 3.2 |   |

----

|                                                                      |
|----------------------------------------------------------------------|
|                                                                      |  |  |  |  |  |  |  |  |
|                                                                 |   | Three Months Ended |
|                                                                 |   | March 31, |
|                                                                 |   | 2011 |   | 2010 |
|                                                                 |   | (in millions) |
|                                                                 |   |   |   |   |
| Beginning balance                                                    |   | $ | 2.3 |   |   | $ | 2.1 |   |
|      Accruals                               |   | 3.0 |   |   | 0.2 |   |
|      Settlements                            |   | (0.2 | ) |   | (0.1 | ) |
|      Adjustment to prior period accruals    |   | 0.1 |   |   | (0.1 | ) |
|      Foreign currency translation and other |   | 0.1 |   |   | (0.1 | ) |
| Ending balance                                                       |   | $ | 5.3 |   |   | $ | 2.0 |   |

----

|                                                                              |
|------------------------------------------------------------------------------|
|                                                                              |  |  |  |  |  |  |  |  |
|                                                                         |   | Three Months Ended |
|                                                                         |   | March 31, |
|                                                                         |   | 2011 |   | 2010 |
|                                                                         |   | (in millions) |
|                                                                         |   |   |   |   |
| Net income                                                                   |   | $ | 36.6 |   |   | $ | 16.2 |   |
| Defined benefit plans, net of tax                                            |   | 3.1 |   |   | 2.3 |   |
| Foreign currency translation adjustments, net of tax                    |   | 5.2 |   |   | (5.2 | ) |
| Change in derivatives, net of tax                                            |   | 1.2 |   |   | — |   |
| Comprehensive income                                                         |   | $ | 46.1 |   |   | $ | 13.3 |   |
| Net loss attributable to noncontrolling interests                            |   | 1.1 |   |   | 0.1 |   |
| Foreign currency translation adjustments related to noncontrolling interests |   | (0.8 | ) |   | 0.1 |   |
| Comprehensive income attributable to AAM                                     |   | $ | 46.4 |   |   | $ | 13.5 |   |

|                                                                          |
|--------------------------------------------------------------------------|
|                                                                          |  |  |  |  |  |  |  |  |
|                                                                     |   | Three Months Ended |
|                                                                     |   | March 31, |
|                                                                     |   | 2011 |   | 2010 |
|                                                                     |   | (in millions, except per share data) |
| Numerator                                                                |   |   |   |   |
| Net income attributable to AAM                                           |   | $ | 37.7 |   |   | $ | 16.3 |   |
|                                                                     |   |   |   |   |   |   |
| Denominator                                                              |   |   |   |   |   |   |
| Basic shares outstanding -                                               |   |   |   |   |   |   |
|     Weighted-average shares outstanding                        |   | 73.7 |   |   | 71.6 |   |
|                                                                     |   |   |   |   |   |   |
| Effect of dilutive securities                                            |   |   |   |   |   |   |
|     Dilutive stock-based compensation                          |   | 0.2 |   |   | 0.1 |   |
|     Dilutive GM warrants                                       |   | 1.4 |   |   | 2.9 |   |
|                                                                     |   |   |   |   |   |   |
| Diluted shares outstanding -                                             |   |   |   |   |   |   |
|     Adjusted weighted-average shares after assumed conversions |   | 75.3 |   |   | 74.6 |   |
|                                                                     |   |   |   |   |   |   |
| Basic EPS                                                                |   | $ | 0.51 |   |   | $ | 0.23 |   |
|                                                                     |   |   |   |   |   |   |
| Diluted EPS                                                              |   | $ | 0.50 |   |   | $ | 0.22 |   |

----

----

|                                                   |
|---------------------------------------------------|
|                                                   |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Condensed Consolidating Statements of Operations  |   |   |   |   |   |   |   |   |
| Three Months Ended March 31,                      |   |   |   |   |   |   |   |   |   |   |
| (in millions)                                     |   |   |   |   |   |   |   |   |   |   |
|                                              |   | Holdings |   | AAM Inc. |   | All Others |   | Elims |   | Consolidated |
| 2011                                              |   |   |   |   |   |   |   |   |   |   |
| Net sales                                         |   |   |   |   |   |   |   |   |   |   |
| External                                          |   | $ | — |   |   | $ | 195.7 |   |   | $ | 449.9 |   |   | $ | — |   |   | $ | 645.6 |   |
| Intercompany                                      |   | — |   |   | 5.9 |   |   | 47.7 |   |   | (53.6 | ) |   | — |   |
| Total net sales                                   |   | — |   |   | 201.6 |   |   | 497.6 |   |   | (53.6 | ) |   | 645.6 |   |
| Cost of goods sold                                |   | — |   |   | 182.8 |   |   | 401.0 |   |   | (53.6 | ) |   | 530.2 |   |
| Gross profit                                      |   | — |   |   | 18.8 |   |   | 96.6 |   |   | — |   |   | 115.4 |   |
| Selling, general and administrative expenses      |   | — |   |   | 47.7 |   |   | 9.0 |   |   | — |   |   | 56.7 |   |
| Operating income (loss)                           |   | — |   |   | (28.9 | ) |   | 87.6 |   |   | — |   |   | 58.7 |   |
| Non-operating income (expense), net               |   | — |   |   | (22.1 | ) |   | 2.1 |   |   | — |   |   | (20.0 | ) |
| Income (loss) before income taxes                 |   | — |   |   | (51.0 | ) |   | 89.7 |   |   | — |   |   | 38.7 |   |
| Income tax expense                                |   | — |   |   | 0.3 |   |   | 1.8 |   |   | — |   |   | 2.1 |   |
| Earnings from equity in subsidiaries              |   | 37.7 |   |   | 40.0 |   |   | — |   |   | (77.7 | ) |   | — |   |
| Net income (loss) before royalties and dividends  |   | 37.7 |   |   | (11.3 | ) |   | 87.9 |   |   | (77.7 | ) |   | 36.6 |   |
| Royalties and dividends                           |   | — |   |   | 49.0 |   |   | (49.0 | ) |   | — |   |   | — |   |
| Net income after royalties and dividends          |   | 37.7 |   |   | 37.7 |   |   | 38.9 |   |   | (77.7 | ) |   | 36.6 |   |
| Net loss attributable to noncontrolling interests |   | — |   |   | — |   |   | 1.1 |   |   | — |   |   | 1.1 |   |
| Net income attributable to AAM                    |   | $ | 37.7 |   |   | $ | 37.7 |   |   | $ | 40.0 |   |   | $ | (77.7 | ) |   | $ | 37.7 |   |
| 2010                                              |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Net sales                                         |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| External                                          |   | $ | — |   |   | $ | 118.3 |   |   | $ | 403.6 |   |   | $ | — |   |   | $ | 521.9 |   |
| Intercompany                                      |   | — |   |   | 7.0 |   |   | 39.4 |   |   | (46.4 | ) |   | — |   |
| Total net sales                                   |   | — |   |   | 125.3 |   |   | 443.0 |   |   | (46.4 | ) |   | 521.9 |   |
| Cost of goods sold                                |   | — |   |   | 128.7 |   |   | 352.3 |   |   | (46.4 | ) |   | 434.6 |   |
| Gross profit (loss)                               |   | — |   |   | (3.4 | ) |   | 90.7 |   |   | — |   |   | 87.3 |   |
| Selling, general and administrative expenses      |   | — |   |   | 41.8 |   |   | 3.5 |   |   | — |   |   | 45.3 |   |
| Operating income (loss)                           |   | — |   |   | (45.2 | ) |   | 87.2 |   |   | — |   |   | 42.0 |   |
| Non-operating expense, net                        |   | — |   |   | (22.5 | ) |   | (1.3 | ) |   | — |   |   | (23.8 | ) |
| Income (loss) before income taxes                 |   | — |   |   | (67.7 | ) |   | 85.9 |   |   | — |   |   | 18.2 |   |
| Income tax expense (benefit)                      |   | — |   |   | (0.3 | ) |   | 2.3 |   |   | — |   |   | 2.0 |   |
| Earnings from equity in subsidiaries              |   | 16.3 |   |   | 65.0 |   |   | — |   |   | (81.3 | ) |   | — |   |
| Net income (loss) before royalties and dividends  |   | 16.3 |   |   | (2.4 | ) |   | 83.6 |   |   | (81.3 | ) |   | 16.2 |   |
| Royalties and dividends                           |   | — |   |   | 18.7 |   |   | (18.7 | ) |   | — |   |   | — |   |
| Net income after royalties and dividends          |   | 16.3 |   |   | 16.3 |   |   | 64.9 |   |   | (81.3 | ) |   | 16.2 |   |
| Net loss attributable to noncontrolling interests |   | — |   |   | — |   |   | 0.1 |   |   | — |   |   | 0.1 |   |
| Net income attributable to AAM                    |   | $ | 16.3 |   |   | $ | 16.3 |   |   | $ | 65.0 |   |   | $ | (81.3 | ) |   | $ | 16.3 |   |

----

|                                                            |
|------------------------------------------------------------|
|                                                            |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Condensed Consolidating Balance Sheets(in millions)        |   |   |   |   |   |   |   |   |   |   |
|                                                       |   | Holdings |   | AAM Inc. |   | All Others |   | Elims |   | Consolidated |
| March 31, 2011                                        |   |   |   |   |   |   |   |   |   |   |
| Assets                                                     |   |   |   |   |   |   |   |   |   |   |
| Current assets                                             |   |   |   |   |   |   |   |   |   |   |
| Cash and cash equivalents                                  |   | $ | — |   |   | $ | 80.9 |   |   | $ | 136.5 |   |   | $ | — |   |   | $ | 217.4 |   |
| Accounts receivable, net                                   |   | — |   |   | 39.1 |   |   | 170.6 |   |   | — |   |   | 209.7 |   |
| Inventories, net                                           |   | — |   |   | 35.3 |   |   | 98.3 |   |   | — |   |   | 133.6 |   |
| Other current assets                                       |   | — |   |   | 36.8 |   |   | 46.1 |   |   | — |   |   | 82.9 |   |
| Total current assets                                       |   | — |   |   | 192.1 |   |   | 451.5 |   |   | — |   |   | 643.6 |   |
| Property, plant and equipment, net                         |   | — |   |   | 257.4 |   |   | 689.5 |   |   | — |   |   | 946.9 |   |
| Goodwill                                                   |   | — |   |   | — |   |   | 156.4 |   |   | — |   |   | 156.4 |   |
| Other assets and deferred charges                          |   | — |   |   | 327.0 |   |   | 93.9 |   |   | — |   |   | 420.9 |   |
| Investment in subsidiaries                                 |   | — |   |   | 932.8 |   |   | — |   |   | (932.8 | ) |   | — |   |
| Total assets                                               |   | $ | — |   |   | $ | 1,709.3 |   |   | $ | 1,391.3 |   |   | $ | (932.8 | ) |   | $ | 2,167.8 |   |
| Liabilities and stockholders’ equity (deficit)       |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Current liabilities                                        |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Accounts payable                                           |   | $ | — |   |   | $ | 96.1 |   |   | $ | 225.7 |   |   | $ | — |   |   | $ | 321.8 |   |
| Other current liabilities                                  |   | — |   |   | 178.3 |   |   | 83.1 |   |   | — |   |   | 261.4 |   |
| Total current liabilities                                  |   | — |   |   | 274.4 |   |   | 308.8 |   |   | — |   |   | 583.2 |   |
| Intercompany payable (receivable)                          |   | 320.7 |   |   | (347.2 | ) |   | 26.5 |   |   | — |   |   | — |   |
| Long-term debt                                             |   | — |   |   | 970.4 |   |   | 37.0 |   |   | — |   |   | 1,007.4 |   |
| Investment in subsidiaries obligation                      |   | 105.8 |   |   | — |   |   | — |   |   | (105.8 | ) |   | — |   |
| Other long-term liabilities                                |   | — |   |   | 917.5 |   |   | 75.1 |   |   | — |   |   | 992.6 |   |
| Total liabilities                                          |   | 426.5 |   |   | 1,815.1 |   |   | 447.4 |   |   | (105.8 | ) |   | 2,583.2 |   |
| Total AAM stockholders’ equity (deficit)             |   | (426.5 | ) |   | (105.8 | ) |   | 932.8 |   |   | (827.0 | ) |   | (426.5 | ) |
| Noncontrolling interest in subsidiaries                    |   | — |   |   | — |   |   | 11.1 |   |   | — |   |   | 11.1 |   |
| Total stockholders’ equity (deficit)                 |   | (426.5 | ) |   | (105.8 | ) |   | 943.9 |   |   | (827.0 | ) |   | (415.4 | ) |
| Total liabilities and stockholders’ equity (deficit) |   | $ | — |   |   | $ | 1,709.3 |   |   | $ | 1,391.3 |   |   | $ | (932.8 | ) |   | $ | 2,167.8 |   |
|                                                       |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| December 31, 2010                                     |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Assets                                                     |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Current assets                                             |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Cash and cash equivalents                                  |   | $ | — |   |   | $ | 67.6 |   |   | $ | 177 |   |   | $ | — |   |   | $ | 244.6 |   |
| Accounts receivable, net                                   |   | — |   |   | 18.4 |   |   | 128.2 |   |   | — |   |   | 146.6 |   |
| Inventories, net                                           |   | — |   |   | 34.8 |   |   | 95.5 |   |   | — |   |   | 130.3 |   |
| Other current assets                                       |   | — |   |   | 35.6 |   |   | 45 |   |   | — |   |   | 80.6 |   |
| Total current assets                                       |   | — |   |   | 156.4 |   |   | 445.7 |   |   | — |   |   | 602.1 |   |
| Property, plant and equipment, net                         |   | — |   |   | 259.6 |   |   | 676.7 |   |   | — |   |   | 936.3 |   |
| Goodwill                                                   |   | — |   |   | — |   |   | 155.8 |   |   | — |   |   | 155.8 |   |
| Other assets and deferred charges                          |   | — |   |   | 329.8 |   |   | 90.7 |   |   | — |   |   | 420.5 |   |
| Investment in subsidiaries                                 |   | — |   |   | 887.7 |   |   | — |   |   | (887.7 | ) |   | — |   |
| Total assets                                               |   | $ | — |   |   | $ | 1,633.5 |   |   | $ | 1,368.9 |   |   | $ | (887.7 | ) |   | $ | 2,114.7 |   |
| Liabilities and stockholders’ equity (deficit)       |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Current liabilities                                        |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Accounts payable                                           |   | $ | — |   |   | $ | 76.4 |   |   | $ | 207.2 |   |   | $ | — |   |   | $ | 283.6 |   |
| Other current liabilities                                  |   | — |   |   | 209.9 |   |   | 75.6 |   |   | — |   |   | 285.5 |   |
| Total current liabilities                                  |   | — |   |   | 286.3 |   |   | 282.8 |   |   | — |   |   | 569.1 |   |
| Intercompany payable (receivable)                          |   | 320.1 |   |   | (395.3 | ) |   | 75.2 |   |   | — |   |   | — |   |
| Long-term debt                                             |   | 0.4 |   |   | 970.2 |   |   | 39.4 |   |   | — |   |   | 1,010.0 |   |
| Investment in subsidiaries obligation                      |   | 159.0 |   |   | — |   |   | — |   |   | (159.0 | ) |   | — |   |
| Other long-term liabilities                                |   | — |   |   | 931.3 |   |   | 72.4 |   |   | — |   |   | 1,003.7 |   |
| Total liabilities                                          |   | 479.5 |   |   | 1,792.5 |   |   | 469.8 |   |   | (159.0 | ) |   | 2,582.8 |   |
| Total AAM stockholders’ equity (deficit)             |   | (479.5 | ) |   | (159.0 | ) |   | 887.7 |   |   | (728.7 | ) |   | (479.5 | ) |
| Noncontrolling interest in subsidiaries                    |   | — |   |   | — |   |   | 11.4 |   |   | — |   |   | 11.4 |   |
| Total stockholders’ equity (deficit)                 |   | (479.5 | ) |   | (159.0 | ) |   | 899.1 |   |   | (728.7 | ) |   | (468.1 | ) |
| Total liabilities and stockholders’ equity (deficit) |   | $ | — |   |   | $ | 1,633.5 |   |   | $ | 1,368.9 |   |   | $ | (887.7 | ) |   | $ | 2,114.7 |   |

----

|                                                      |
|------------------------------------------------------|
|                                                      |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Condensed Consolidating Statements of Cash Flows     |   |   |   |   |   |   |   |   |
| Three Months Ended March 31,                         |   |   |   |   |   |   |   |   |   |   |
| (in millions)                                        |   |   |   |   |   |   |   |   |   |   |
|                                                 |   | Holdings |   | AAM Inc. |   | All Others |   | Elims |   | Consolidated |
| 2011                                                 |   |   |   |   |   |   |   |   |   |   |
| Operating activities                                 |   |   |   |   |   |   |   |   |   |   |
| Net cash provided by (used in) operating activities  |   | $ | — |   |   | $ | (33.8 | ) |   | $ | 34.8 |   |   | $ | — |   |   | $ | 1.0 |   |
| Investing activities                                 |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Purchases of property, plant and equipment           |   | — |   |   | (9.7 | ) |   | (21.8 | ) |   | — |   |   | (31.5 | ) |
| Proceeds from sale of equipment                      |   | — |   |   | 0.9 |   |   | 0.6 |   |   | — |   |   | 1.5 |   |
| Net cash used in investing activities                |   | — |   |   | (8.8 | ) |   | (21.2 | ) |   | — |   |   | (30.0 | ) |
| Financing activities                                 |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Net debt activity                                    |   | (0.4 | ) |   | — |   |   | (2.9 | ) |   | — |   |   | (3.3 | ) |
| Intercompany activity                                |   | 0.5 |   |   | 51.3 |   |   | (51.8 | ) |   | — |   |   | — |   |
| Employee stock option exercises                      |   | — |   |   | 4.6 |   |   | — |   |   | — |   |   | 4.6 |   |
| Purchase of treasury stock                           |   | (0.1 | ) |   | — |   |   | — |   |   | — |   |   | (0.1 | ) |
| Net cash provided by (used in) financing activities  |   | — |   |   | 55.9 |   |   | (54.7 | ) |   | — |   |   | 1.2 |   |
| Effect of exchange rate changes on cash              |   | — |   |   | — |   |   | 0.6 |   |   | — |   |   | 0.6 |   |
| Net increase (decrease) in cash and cash equivalents |   | — |   |   | 13.3 |   |   | (40.5 | ) |   | — |   |   | (27.2 | ) |
| Cash and cash equivalents at beginning of period     |   | — |   |   | 67.6 |   |   | 177.0 |   |   | — |   |   | 244.6 |   |
| Cash and cash equivalents at end of period           |   | $ | — |   |   | $ | 80.9 |   |   | $ | 136.5 |   |   | $ | — |   |   | $ | 217.4 |   |
|                                                 |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| 2010                                                 |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Operating activities                                 |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Net cash provided by (used in) operating activities  |   | $ | — |   |   | $ | (26.9 | ) |   | $ | 105.9 |   |   | $ | — |   |   | $ | 79.0 |   |
| Investing activities                                 |   |   |   |   |   |   |   |   |   |   |   |   |
| Purchases of property, plant and equipment           |   | — |   |   | (5.4 | ) |   | (13.4 | ) |   | — |   |   | (18.8 | ) |
| Proceeds from sale of equipment                      |   | — |   |   | 0.9 |   |   | — |   |   | — |   |   | 0.9 |   |
| Purchase buyouts of leased equipment                 |   | — |   |   | (4.0 | ) |   | — |   |   | — |   |   | (4.0 | ) |
| Redemption of short-term investments                 |   | — |   |   | 1.4 |   |   | — |   |   | — |   |   | 1.4 |   |
| Net cash used in investing activites                 |   | — |   |   | (7.1 | ) |   | (13.4 | ) |   | — |   |   | (20.5 | ) |
| Financing activities                                 |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Net debt activity                                    |   | — |   |   | (59.7 | ) |   | 4.2 |   |   | — |   |   | (55.5 | ) |
| Intercompany activity                                |   | 1.2 |   |   | 41.3 |   |   | (42.5 | ) |   | — |   |   | — |   |
| Debt issuance costs                                  |   | — |   |   | (2.2 | ) |   | — |   |   | — |   |   | (2.2 | ) |
| Purchase of treasury stock                           |   | (1.2 | ) |   | — |   |   | — |   |   | — |   |   | (1.2 | ) |
| Net cash used in financing activities                |   | — |   |   | (20.6 | ) |   | (38.3 | ) |   | — |   |   | (58.9 | ) |
| Effect of exchange rate changes on cash              |   | — |   |   | — |   |   | (1.1 | ) |   |   |   |   | (1.1 | ) |
| Net increase (decrease) in cash and cash equivalents |   | — |   |   | (54.6 | ) |   | 53.1 |   |   | — |   |   | (1.5 | ) |
| Cash and cash equivalents at beginning of period     |   | — |   |   | 80.6 |   |   | 97.5 |   |   | — |   |   | 178.1 |   |
| Cash and cash equivalents at end of period           |   | $ | — |   |   | $ | 26.0 |   |   | $ | 150.6 |   |   | $ | — |   |   | $ | 176.6 |   |

----

|                                                   |
|---------------------------------------------------|
|                                                   |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Condensed Consolidating Statements of Operations  |   |   |   |   |   |   |   |   |
| Three Months Ended March 31,                      |   |   |   |   |   |   |   |   |   |   |   |   |
| (in millions)                                     |   |   |   |   |   |   |   |   |   |   |   |   |
|                                              |   | Holdings |   | AAM Inc. |   | Guarantor Subsidiaries |   | Non-Guarantor Subsidiaries |   | Elims |   | Consolidated |
| 2011                                              |   |   |   |   |   |   |   |   |   |   |   |   |
| Net sales                                         |   |   |   |   |   |   |   |   |   |   |   |   |
| External                                          |   | $ | — |   |   | $ | 195.7 |   |   | $ | 50.9 |   |   | $ | 399.0 |   |   | $ | — |   |   | $ | 645.6 |   |
| Intercompany                                      |   | — |   |   | 5.9 |   |   | 45.0 |   |   | 2.7 |   |   | (53.6 | ) |   | — |   |
| Total net sales                                   |   | — |   |   | 201.6 |   |   | 95.9 |   |   | 401.7 |   |   | (53.6 | ) |   | 645.6 |   |
| Cost of goods sold                                |   | — |   |   | 182.8 |   |   | 83.3 |   |   | 317.7 |   |   | (53.6 | ) |   | 530.2 |   |
| Gross profit                                      |   | — |   |   | 18.8 |   |   | 12.6 |   |   | 84.0 |   |   | — |   |   | 115.4 |   |
| Selling, general and administrative expenses      |   | — |   |   | 47.7 |   |   | — |   |   | 9.0 |   |   | — |   |   | 56.7 |   |
| Operating income (loss)                           |   | — |   |   | (28.9 | ) |   | 12.6 |   |   | 75.0 |   |   | — |   |   | 58.7 |   |
| Non-operating income (expense), net               |   | — |   |   | (22.1 | ) |   | 0.6 |   |   | 1.5 |   |   | — |   |   | (20.0 | ) |
| Income (loss) before income taxes                 |   | — |   |   | (51.0 | ) |   | 13.2 |   |   | 76.5 |   |   | — |   |   | 38.7 |   |
| Income tax expense                                |   | — |   |   | 0.3 |   |   | — |   |   | 1.8 |   |   | — |   |   | 2.1 |   |
| Earnings (loss) from equity in subsidiaries       |   | 37.7 |   |   | 40.0 |   |   | (11.3 | ) |   | — |   |   | (66.4 | ) |   | — |   |
| Net income (loss) before royalties and dividends  |   | 37.7 |   |   | (11.3 | ) |   | 1.9 |   |   | 74.7 |   |   | (66.4 | ) |   | 36.6 |   |
| Royalties and dividends                           |   | — |   |   | 49.0 |   |   | — |   |   | (49.0 | ) |   | — |   |   | — |   |
| Net income after royalties and dividends          |   | 37.7 |   |   | 37.7 |   |   | 1.9 |   |   | 25.7 |   |   | (66.4 | ) |   | 36.6 |   |
| Net loss attributable to noncontrolling interests |   | — |   |   | — |   |   | — |   |   | 1.1 |   |   | — |   |   | 1.1 |   |
| Net income attributable to AAM                    |   | $ | 37.7 |   |   | $ | 37.7 |   |   | $ | 1.9 |   |   | $ | 26.8 |   |   | $ | (66.4 | ) |   | $ | 37.7 |   |

----

|                                                   |
|---------------------------------------------------|
|                                                   |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                                              |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                         |   | Holdings |   | AAM Inc. |   | Guarantor Subsidiaries |   | Non-Guarantor Subsidiaries |   | Elims |   | Consolidated |
| 2010                                              |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Net sales                                         |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| External                                          |   | $ | — |   |   | $ | 118.3 |   |   | $ | 47.2 |   |   | $ | 356.4 |   |   | $ | — |   |   | $ | 521.9 |   |
| Intercompany                                      |   | — |   |   | 7.0 |   |   | 37.0 |   |   | 2.4 |   |   | (46.4 | ) |   | — |   |
| Total net sales                                   |   | — |   |   | 125.3 |   |   | 84.2 |   |   | 358.8 |   |   | (46.4 | ) |   | 521.9 |   |
| Cost of goods sold                                |   | — |   |   | 128.7 |   |   | 78.2 |   |   | 274.1 |   |   | (46.4 | ) |   | 434.6 |   |
| Gross profit (loss)                               |   | — |   |   | (3.4 | ) |   | 6.0 |   |   | 84.7 |   |   | — |   |   | 87.3 |   |
| Selling, general and administrative expenses      |   | — |   |   | 41.8 |   |   | — |   |   | 3.5 |   |   | — |   |   | 45.3 |   |
| Operating income (loss)                           |   | — |   |   | (45.2 | ) |   | 6.0 |   |   | 81.2 |   |   | — |   |   | 42.0 |   |
| Non-operating income (expense), net               |   | — |   |   | (22.5 | ) |   | 0.1 |   |   | (1.4 | ) |   | — |   |   | (23.8 | ) |
| Income (loss) before income taxes                 |   | — |   |   | (67.7 | ) |   | 6.1 |   |   | 79.8 |   |   | — |   |   | 18.2 |   |
| Income tax expense (benefit)                      |   | — |   |   | (0.3 | ) |   | — |   |   | 2.3 |   |   | — |   |   | 2.0 |   |
| Earnings (loss) from equity in subsidiaries       |   | 16.3 |   |   | 65.0 |   |   | (7.6 | ) |   | — |   |   | (73.7 | ) |   | — |   |
| Net income (loss) before royalties and dividends  |   | 16.3 |   |   | (2.4 | ) |   | (1.5 | ) |   | 77.5 |   |   | (73.7 | ) |   | 16.2 |   |
| Royalties and dividends                           |   | — |   |   | 18.7 |   |   | — |   |   | (18.7 | ) |   | — |   |   | — |   |
| Net income (loss) after royalties and dividends   |   | 16.3 |   |   | 16.3 |   |   | (1.5 | ) |   | 58.8 |   |   | (73.7 | ) |   | 16.2 |   |
| Net loss attributable to noncontrolling interests |   | — |   |   | — |   |   | — |   |   | 0.1 |   |   | — |   |   | 0.1 |   |
| Net income (loss) attributable to AAM             |   | $ | 16.3 |   |   | $ | 16.3 |   |   | $ | (1.5 | ) |   | $ | 58.9 |   |   | $ | (73.7 | ) |   | $ | 16.3 |   |

----

|                                                            |
|------------------------------------------------------------|
|                                                            |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Condensed Consolidating Balance Sheets                |   |   |   |   |   |   |   |   |   |   |
| (in millions)                                              |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                       |   | Holdings |   | AAM Inc. |   | Guarantor Subsidiaries |   | Non-Guarantor Subsidiaries |   | Elims |   | Consolidated |
| March 31, 2011                                        |   |   |   |   |   |   |   |   |   |   |   |   |
| Assets                                                     |   |   |   |   |   |   |   |   |   |   |   |   |
| Current assets                                             |   |   |   |   |   |   |   |   |   |   |   |   |
|     Cash and cash equivalents               |   | $ | — |   |   | $ | 80.9 |   |   | $ | — |   |   | $ | 136.5 |   |   | $ | — |   |   | $ | 217.4 |   |
|     Accounts receivable, net                |   | — |   |   | 39.1 |   |   | 30.5 |   |   | 140.1 |   |   | — |   |   | 209.7 |   |
|     Inventories, net                        |   | — |   |   | 35.3 |   |   | 24.5 |   |   | 73.8 |   |   | — |   |   | 133.6 |   |
|     Other current assets                    |   | — |   |   | 36.8 |   |   | 0.3 |   |   | 45.8 |   |   | — |   |   | 82.9 |   |
| Total current assets                                       |   | — |   |   | 192.1 |   |   | 55.3 |   |   | 396.2 |   |   | — |   |   | 643.6 |   |
| Property, plant and equipment, net                         |   | — |   |   | 257.4 |   |   | 88.6 |   |   | 600.9 |   |   | — |   |   | 946.9 |   |
| Goodwill                                                   |   | — |   |   | — |   |   | 147.8 |   |   | 8.6 |   |   | — |   |   | 156.4 |   |
| Other assets and deferred charges                          |   | — |   |   | 327.0 |   |   | 18.1 |   |   | 75.8 |   |   | — |   |   | 420.9 |   |
| Investment in subsidiaries                                 |   | — |   |   | 932.8 |   |   | 43.4 |   |   | — |   |   | (976.2 | ) |   | — |   |
| Total assets                                               |   | $ | — |   |   | $ | 1,709.3 |   |   | $ | 353.2 |   |   | $ | 1,081.5 |   |   | $ | (976.2 | ) |   | $ | 2,167.8 |   |
| Liabilities and stockholders’ equity (deficit)       |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Current liabilities                                        |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Accounts payable                                           |   | $ | — |   |   | $ | 96.1 |   |   | $ | 32.8 |   |   | $ | 192.9 |   |   | $ | — |   |   | $ | 321.8 |   |
| Other current liabilities                                  |   | — |   |   | 178.3 |   |   | 3.9 |   |   | 79.2 |   |   | — |   |   | 261.4 |   |
| Total current liabilities                                  |   | — |   |   | 274.4 |   |   | 36.7 |   |   | 272.1 |   |   | — |   |   | 583.2 |   |
| Intercompany payable (receivable)                          |   | 320.7 |   |   | (347.2 | ) |   | 273.8 |   |   | (247.3 | ) |   | — |   |   | — |   |
| Long-term debt                                             |   | — |   |   | 970.4 |   |   | 6.0 |   |   | 31.0 |   |   | — |   |   | 1,007.4 |   |
| Investment in subsidiaries obligation                      |   | 105.8 |   |   | — |   |   | — |   |   | — |   |   | (105.8 | ) |   | — |   |
| Other long-term liabilities                                |   | — |   |   | 917.5 |   |   | 1.2 |   |   | 73.9 |   |   | — |   |   | 992.6 |   |
| Total liabilities                                          |   | 426.5 |   |   | 1,815.1 |   |   | 317.7 |   |   | 129.7 |   |   | (105.8 | ) |   | 2,583.2 |   |
| Total AAM Stockholders’ equity (deficit)             |   | (426.5 | ) |   | (105.8 | ) |   | 35.5 |   |   | 940.7 |   |   | (870.4 | ) |   | (426.5 | ) |
| Noncontrolling interests in subsidiaries                   |   | — |   |   | — |   |   | — |   |   | 11.1 |   |   | — |   |   | 11.1 |   |
| Total stockholders’ equity (deficit)                 |   | (426.5 | ) |   | (105.8 | ) |   | 35.5 |   |   | 951.8 |   |   | (870.4 | ) |   | (415.4 | ) |
| Total liabilities and stockholders’ equity (deficit) |   | $ | — |   |   | $ | 1,709.3 |   |   | $ | 353.2 |   |   | $ | 1,081.5 |   |   | $ | (976.2 | ) |   | $ | 2,167.8 |   |

----

|                                                            |
|------------------------------------------------------------|
|                                                            |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                                                       |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                       |   | Holdings |   | AAM Inc. |   | Guarantor Subsidiaries |   | Non-Guarantor Subsidiaries |   | Elims |   | Consolidated |
| December 31, 2010                                     |   |   |   |   |   |   |   |   |   |   |   |   |
| Assets                                                     |   |   |   |   |   |   |   |   |   |   |   |   |
| Current assets                                             |   |   |   |   |   |   |   |   |   |   |   |   |
|     Cash and cash equivalents               |   | $ | — |   |   | $ | 67.6 |   |   | $ | — |   |   | $ | 177.0 |   |   | $ | — |   |   | $ | 244.6 |   |
|     Accounts receivable, net                |   | — |   |   | 18.4 |   |   | 24.5 |   |   | 103.7 |   |   | — |   |   | 146.6 |   |
|     Inventories, net                        |   | — |   |   | 34.8 |   |   | 27.0 |   |   | 68.5 |   |   | — |   |   | 130.3 |   |
|     Other current assets                    |   | — |   |   | 35.6 |   |   | 0.2 |   |   | 44.8 |   |   | — |   |   | 80.6 |   |
| Total current assets                                       |   | — |   |   | 156.4 |   |   | 51.7 |   |   | 394.0 |   |   | — |   |   | 602.1 |   |
| Property, plant and equipment, net                         |   | — |   |   | 259.6 |   |   | 91.0 |   |   | 585.7 |   |   | — |   |   | 936.3 |   |
| Goodwill                                                   |   | — |   |   | — |   |   | 147.8 |   |   | 8.0 |   |   | — |   |   | 155.8 |   |
| Other assets and deferred charges                          |   | — |   |   | 329.8 |   |   | 17.2 |   |   | 73.5 |   |   | — |   |   | 420.5 |   |
| Investment in subsidiaries                                 |   | — |   |   | 887.7 |   |   | 41.0 |   |   | — |   |   | (928.7 | ) |   | — |   |
| Total assets                                               |   | $ | — |   |   | $ | 1,633.5 |   |   | $ | 348.7 |   |   | $ | 1,061.2 |   |   | $ | (928.7 | ) |   | $ | 2,114.7 |   |
| Liabilities and stockholders’ equity (deficit)       |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Current liabilities                                        |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Accounts payable                                           |   | $ | — |   |   | $ | 76.4 |   |   | $ | 35.7 |   |   | $ | 171.5 |   |   | $ | — |   |   | $ | 283.6 |   |
| Other current liabilities                                  |   | — |   |   | 209.9 |   |   | 4.1 |   |   | 71.5 |   |   | — |   |   | 285.5 |   |
| Total current liabilities                                  |   | — |   |   | 286.3 |   |   | 39.8 |   |   | 243.0 |   |   | — |   |   | 569.1 |   |
| Intercompany payable (receivable)                          |   | 320.1 |   |   | (395.3 | ) |   | 272.5 |   |   | (197.3 | ) |   | — |   |   | — |   |
| Long-term debt                                             |   | 0.4 |   |   | 970.2 |   |   | 6.1 |   |   | 33.3 |   |   | — |   |   | 1,010.0 |   |
| Investment in subsidiaries obligation                      |   | 159.0 |   |   | — |   |   | — |   |   | — |   |   | (159.0 | ) |   | — |   |
| Other long-term liabilities                                |   | — |   |   | 931.3 |   |   | 1.2 |   |   | 71.2 |   |   | — |   |   | 1,003.7 |   |
| Total liabilities                                          |   | 479.5 |   |   | 1,792.5 |   |   | 319.6 |   |   | 150.2 |   |   | (159.0 | ) |   | 2,582.8 |   |
| Total AAM Stockholders’ equity (deficit)             |   | (479.5 | ) |   | (159.0 | ) |   | 29.1 |   |   | 899.6 |   |   | (769.7 | ) |   | (479.5 | ) |
| Noncontrolling interests in subsidiaries                   |   | — |   |   | — |   |   | — |   |   | 11.4 |   |   | — |   |   | 11.4 |   |
| Total stockholders’ equity (deficit)                 |   | (479.5 | ) |   | (159.0 | ) |   | 29.1 |   |   | 911.0 |   |   | (769.7 | ) |   | (468.1 | ) |
| Total liabilities and stockholders’ equity (deficit) |   | $ | — |   |   | $ | 1,633.5 |   |   | $ | 348.7 |   |   | $ | 1,061.2 |   |   | $ | (928.7 | ) |   | $ | 2,114.7 |   |

----

|                                                      |
|------------------------------------------------------|
|                                                      |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Condensed Consolidating Statements of Cash Flows     |   |   |   |   |   |   |   |   |
| Three months ended March 31,(in millions)            |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                 |   | Holdings |   | AAM Inc. |   | Guarantor Subsidiaries |   | Non-Guarantor Subsidiaries |   | Elims |   | Consolidated |
| 2011                                                 |   |   |   |   |   |   |   |   |   |   |   |   |
| Net cash provided by (used in) operating activities  |   | $ | — |   |   | $ | (33.8 | ) |   | $ | 1.0 |   |   | $ | 33.8 |   |   | $ | — |   |   | $ | 1.0 |   |
| Investing activities                                 |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Purchases of property, plant and equipment           |   | — |   |   | (9.7 | ) |   | (0.6 | ) |   | (21.2 | ) |   | — |   |   | (31.5 | ) |
| Proceeds from sale of equipment                      |   | — |   |   | 0.9 |   |   | — |   |   | 0.6 |   |   | — |   |   | 1.5 |   |
| Net cash used in investing activities                |   | — |   |   | (8.8 | ) |   | (0.6 | ) |   | (20.6 | ) |   | — |   |   | (30.0 | ) |
| Financing activities                                 |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Net debt activity                                    |   | (0.4 | ) |   | — |   |   | (0.1 | ) |   | (2.8 | ) |   | — |   |   | (3.3 | ) |
| Intercompany activity                                |   | 0.5 |   |   | 51.3 |   |   | (0.3 | ) |   | (51.5 | ) |   | — |   |   | — |   |
| Employee stock option exercises                      |   | — |   |   | 4.6 |   |   | — |   |   | — |   |   | — |   |   | 4.6 |   |
| Purchase of treasury stock                           |   | (0.1 | ) |   | — |   |   | — |   |   | — |   |   | — |   |   | (0.1 | ) |
| Net cash provided by (used in) financing activities  |   | — |   |   | 55.9 |   |   | (0.4 | ) |   | (54.3 | ) |   | — |   |   | 1.2 |   |
| Effect of exchange rate changes on cash              |   | — |   |   | — |   |   | — |   |   | 0.6 |   |   | — |   |   | 0.6 |   |
| Net increase (decrease) in cash and cash equivalents |   | — |   |   | 13.3 |   |   | — |   |   | (40.5 | ) |   | — |   |   | (27.2 | ) |
| Cash and cash equivalents at beginning of period     |   | — |   |   | 67.6 |   |   | — |   |   | 177.0 |   |   | — |   |   | 244.6 |   |
| Cash and cash equivalents at end of period           |   | $ | — |   |   | $ | 80.9 |   |   | $ | — |   |   | $ | 136.5 |   |   | $ | — |   |   | $ | 217.4 |   |

----

|                                                      |
|------------------------------------------------------|
|                                                      |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                                                 |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                 |   | Holdings |   | AAM Inc. |   | Guarantor Subsidiaries |   | Non-Guarantor Subsidiaries |   | Elims |   | Consolidated |
| 2010                                                 |   |   |   |   |   |   |   |   |   |   |   |   |
| Net cash provided by (used in) operating activities  |   | $ | — |   |   | $ | (26.9 | ) |   | $ | 14.8 |   |   | $ | 91.1 |   |   | $ | — |   |   | $ | 79.0 |   |
| Investing activities                                 |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Purchases of property, plant and equipment           |   | — |   |   | (5.4 | ) |   | (1.0 | ) |   | (12.4 | ) |   | — |   |   | (18.8 | ) |
| Redemption of short-term investments                 |   | — |   |   | 1.4 |   |   | — |   |   | — |   |   | — |   |   | 1.4 |   |
| Purchase buyouts of leased equipment                 |   | — |   |   | (4.0 | ) |   | — |   |   | — |   |   | — |   |   | (4.0 | ) |
| Proceeds from sale of equipment                      |   | — |   |   | 0.9 |   |   | — |   |   | — |   |   | — |   |   | 0.9 |   |
| Net cash used in investing activities                |   | — |   |   | (7.1 | ) |   | (1.0 | ) |   | (12.4 | ) |   | — |   |   | (20.5 | ) |
| Financing activities                                 |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Net debt activity                                    |   | — |   |   | (59.7 | ) |   | — |   |   | 4.2 |   |   | — |   |   | (55.5 | ) |
| Intercompany activity                                |   | 1.2 |   |   | 41.3 |   |   | (15.7 | ) |   | (26.8 | ) |   | — |   |   | — |   |
| Debt issuance costs                                  |   | — |   |   | (2.2 | ) |   | — |   |   | — |   |   | — |   |   | (2.2 | ) |
| Purchase of treasury stock                           |   | (1.2 | ) |   | — |   |   | — |   |   | — |   |   | — |   |   | (1.2 | ) |
| Net cash used in financing activities                |   | — |   |   | (20.6 | ) |   | (15.7 | ) |   | (22.6 | ) |   | — |   |   | (58.9 | ) |
| Effect of exchange rate changes on cash              |   | — |   |   | — |   |   | — |   |   | (1.1 | ) |   | — |   |   | (1.1 | ) |
| Net increase (decrease) in cash and cash equivalents |   | — |   |   | (54.6 | ) |   | (1.9 | ) |   | 55.0 |   |   | — |   |   | (1.5 | ) |
| Cash and cash equivalents at beginning of period     |   | — |   |   | 80.6 |   |   | 1.9 |   |   | 95.6 |   |   | — |   |   | 178.1 |   |
| Cash and cash equivalents at end of period           |   | $ | — |   |   | $ | 26.0 |   |   | $ | — |   |   | $ | 150.6 |   |   | $ | — |   |   | $ | 176.6 |   |

----

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|                                |
|--------------------------------|
|                                |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Period                         |   | Total Number of Shares (Or Units) Purchased |   | Average Price Paid per Share (or Unit) |   | Total Number of Shares (or Units) Purchased as Part of Publicly Announced Plans or Programs |   | Maximum Number (or Approximate Dollar Value) of Shares (or Units) that May Yet Be Purchased Under the Plans or Programs |
| January 1 - January 31, 2011   |   | 6,820 |   |   | $ | 13.98 |   |   | — |   |   | — |   |
| February 1 - February 28, 2011 |   | — |   |   | — |   |   | — |   |   | — |   |
| March 1 - March 31, 2011       |   | — |   |   | — |   |   | — |   |   | — |   |
| Total                          |   | 6,820 |   |   | $ | 13.98 |   |   | — |   |   | — |   |

----

----

|             |
|-------------|
|             |  |  |
| Number      |   | Description of Exhibit |
|        |   |   |
|  *31.1 |   | Certification of Richard E. Dauch, Co-Founder, Chairman of the Board & Chief Executive Officer Pursuant to Rule 13a-14(a) of the Securities Exchange Act |
|        |   |   |
|  *31.2 |   | Certification of Michael K. Simonte, Executive Vice President – Finance & Chief Financial Officer Pursuant to Rule 13a-14(a) of the Securities Exchange Act |
|        |   |   |
|  *32   |   | Certifications of Richard E. Dauch, Co-Founder, Chairman of the Board & Chief Executive Officer and Michael K. Simonte, Executive Vice President – Finance & Chief Financial Officer Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 |
|        |   |   |