Unionized workers of South Korea's top steelmaker POSCO held a ceremony Monday to demonstrate their intention to launch their first-ever strike, officials said.

Last week, 72.25 percent of its 7,934 members voted for a walkout, as management has refused to accept the union's demand of an 8.3 percent hike in basic wage and other incentives.

If the union goes ahead with the collective action, it will be the first such move since the company's foundation in 1968.

"We still have time to reach a deal within this year," labor chief Kim Sung-ho said. "But we have never made the strike decision easily. If we should take the path, we will go ahead with it without hesitation."

The strike decision came after the national labor relations commission decided to end its arbitration in mid-November as the two sides failed to narrow differences.

Negotiations are still underway between labor and management. (Yonhap)