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American Axle reports first quarter income drop

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DETROIT (WKZO) -- American Axle and Manufacturing is blaming debt refinancing and a strike at a GM plant in Thailand for a steep drop in first quarter earnings.

The company announced its net income fell by over 85-percent compared to the same period one year ago.  The auto supplier said it lost approximately 12.5-million dollars because of the auto plant strike and refinancing and other costs totalled another 11.3-million.

Overall, the company reported a first-quarter profit of over seven-million dollars.

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