The Urgent Need for Change and The Superior Path Forward

PRIORITY #3: ELIMINATE WASTEFUL SPENDING Poor cost management has prevented Synalloy from capitalizing on its growing scale to drive stockholder value 2019 SG&A Margins Meaningfully Above Peers 14.1% PRIVET FUND Ryerson Holding Corp 12.6% UPG STRONGER TOGETHER 10.7% 10.6% Continued spending during Mr. Bram's tenure 8.4% 9.4% 1. Source: Company filings 9.0% Ingevity Synalloy Hawkins Inc Trecora Worthington Corp 2019 8.5% Venator Resources Industries Materials Inc PLC USAP 6.7% Olympic Steel Inc 01. 02. 03. 04. 05. 6.6% Our Plan To Strengthen Synalloy 6.4% Northwest Synalloy Pipe Co 2010 SG&A margins have risen 430bps during Mr. Bram's tenure, even as revenue has more than doubled 5.4% Insteel Industries Inc 88

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