Over 200 workers, members of the country's largest trade union, Unite, staged their protest at Kings Cross station, between 6.30am and 8am.
The focus of their anger is plans by NG Bailey, the leading contractor at Kings Cross and another six breakaway construction companies, including Balfour Beatty, which are imposing semi-skilled grades into the mechanical and electrical sector.
Unite regional officer Guy Langston said: "This is a serious attack on the livelihoods of thousands of London construction workers. They cannot afford to lose a third of their income.
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"We also have to protect the next generation of workers who are entering the plumbing and electrical trades. They need to know that if they do a four-year apprenticeship they will have a job to go to afterwards.
"If these firms get away with de-skilling this industry there will be no future for our young people.
"The construction sector is one of the most important drivers of economic growth in London. Employers should be behaving in a far more responsible manner rather than picking a fight with their workforce which will, no doubt, lead to instability in the sector."
Workers in five of the seven breakaway companies have been written to by their managers with a stark choice - sign new contracts on much inferior pay, and terms and conditions or face the sack on 7 December.
The employers want to withdraw from five long-held agreements and replace them with a new agreement which will allow employers to introduce semi-skilled grades and dictate rather than negotiate on pay, holiday entitlement, overtime, and what constitutes away work.
But five of the seven have upped the stakes. Balfour Beatty, Crown House Technologies, Spie Matthew Hall, Shepherd Engineering Services and NG Bailey have issued Unite with legal notice of their intention to dismiss, with notice, thousands of employees before re-engaging them on new inferior contracts.
(CD/BMcC)
