The Urgent Need for Change and The Superior Path Forward

PRIORITY #2: OPERATIONAL PROFIT ENHANCEMENTS Our slate has identified operationally-focused profit opportunities that can reverse Synalloy's crumbling margins 18.9% PRIVET FUND Olympic Steel Inc 18.4% UPG STRONGER TOGETHER 17.2% 2019 Gross Margin Comparison 16.9% 1. Source: Company filings 14.9% 12.8% Margin deterioration during Mr. Bram's tenure 11.4% m 11.4% Ryerson Hawkins Inc Northwest Trecora Worthington Synalloy USAP Holding Pipe Co Resources Industries Corp Inc 2010 11.2% 01. 02. 03. 04. 05. Our Plan To Strengthen Synalloy Venator Materials PLC 10.1% Synalloy 2019 We see a tremendous opportunity for Synalloy to improve gross margins by over 600bps, moving them in-line with the Company's peer group 6.6% Insteel Industries Inc 82

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