Shares of American Axle & Manufacturing Holdings Inc. continued to fall for a second straight day Tuesday, as its workers began to vote on a tentative agreement that could end a nearly 12-week-old strike at the auto supplier.
United Auto Workers union members at two Detroit-area plants began casting ballots Monday. But voting at a large union local won't be done until Thursday night.
American Axle shares fell $1.60, or 7.5 percent, to $19.82, after falling as low as $19.62 earlier in the day. That came a day after the company's shares dropped as much as 8 percent.
Over the past 52 weeks, the company's shares have traded between $15.73 and $31.
About 3,600 workers have been on strike since Feb. 26, severely curtailing production of General Motors Corp.'s pickup trucks and full-size sport utility vehicles.
The four-year agreement, which includes 34 percent pay cuts, does give workers a $5,000 signing bonus, lump-sum cost of living adjustments and a variety of options to take money and leave the company. It also would close the company's Detroit and Tonawanda, N.Y., forge operations.
Many workers have said they don't like the proposed deal, but will vote for it anyway because it's the best the union could get in a weak economy with the possibility of American Axle moving their work elsewhere.
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