UPDATE 3-American Axle earnings fall, sales rise


* To cut GM business to 50 pct by 2015 * Margins pressured by higher-than-expected material costs * Restructuring costs will not impact future quarters * Shares up 1.8 percent July 27 (Reuters) - U.S. auto parts supplier American Axle and Manufacturing Holdings Inc reported sharply lower quarterly earnings, hurt by costs related to the closing of plants in Michigan and New York. Net income fell to $4.7 million, or 6 ...

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