Crane drivers at Sheffield-based HTC Plant claimed victory yesterday after strike action sealed a 14 per cent rise.
Members of construction union Ucatt had planned to undertake three one-day strikes at key building sites in London.
Major disruption caused by the first was enough to force bosses to the table.
The dispute revolved around a 30 per cent pay cut accepted during the slump in 2009 but never restored.
That left workers in the dangerous and safety critical job on a basic rate of around £9.50 an hour - just 35p more than the London living wage.
Union members voted to settle after bosses tabled a 14 per cent rise over three years and agreed to roll daily bonuses into the basic pay.
Ucatt general secretary Steve Murphy hailed the deal as a "victory for common sense" that was good for the workers and the firm.
"Our members have certainty about pay and HTC have certainty over their future business costs," he said.
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