Martinrea quarterly revenues plunged 51.4 per cent to $460.6 million from $948.5 million in the prior year. The company says it expects a strong third quarter as automakers replenish low vehicle inventories, with sales of $850 million to $950 million.

Sherif Marakby, once a key executive in charge of autonomous vehicle development at Ford Motor Co., has been named Magna's executive vice-president of research and development.

“We are through the toughest part and now laser-focused on restarting... and recovering,” CEO Linda Hasenfratz said.

As the auto industry and other manufacturing sectors come back online, demand will shift back to more value-added aluminum, Canada says, meaning there is no need for punative tariffs now.