The elevator unit, whose initial public offering (IPO) would provide a much needed cash boost to the group, saw operating margins fall in the second quarter due to higher material costs, ThyssenKrupp said earlier.

Knut Giesler, a regional head of Germany's powerful IG Metall union also said that labour representatives have agreed with the company's management that there will be no forced lay-offs until end of the year and no sites would be shut down.

(Reporting by Tom Käckenhoff; Writing by Arno Schuetze; Editing by Alexander Smith)