FORM 10-Q

                      Securities and Exchange Commission
                          Washington, D. C. 20549

                  QUARTERLY REPORT UNDER SECTION 13 OR 15(d)
                    OF THE SECURITIES EXCHANGE ACT OF 1934
  (Mark One)

       X         QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
                 SECURITIES EXCHANGE ACT OF 1934
                 For the quarter ended October 2, 1999

                                     OR

    _______      TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
                 SECURITIES EXCHANGE ACT OF 1934
                 For the transition period from _________ to _________

                        Commission File Number 0-19687


                             SYNALLOY CORPORATION
            (Exact name of registrant as specified in its charter)


            Delaware                                          57-0426694
(State or other jurisdiction of                           (I.R.S. Employer
incorporation or organization)                         Identification  Number)

Post Office Box 5627
Croft Industrial Park
Spartanburg, South Carolina                                        29304
(Address of principal executive offices)                        (Zip Code)

Registrant's Telephone Number, Including Area Code             (864) 585-3605

                                Not Applicable
(Former name, former address and former fiscal year, if changed since last
year.)

Indicate by check mark whether the registrant (1) has filed all reports
required to be filed by Section 13 or 15(d) of the Securities Exchange Act of
1934 during the preceding 12 months (or for such shorter period that the
registrant was required to file such reports) and (2) has been subject to such
filing requirements for the past 90 days.
                                             Yes X            No____

Indicate the number of shares outstanding of each of the issuer's classes of
Common Stock, as of the latest practical date.
                                                  Number of Shares Outstanding
        Title of Class                                As of October 2, 1999
Common Stock, $1.00 Par Value                               6,558,088









                                    - 1 -



Synalloy Corporation

Index



PART I.     FINANCIAL INFORMATION


Item  1.    Financial Statements (unaudited)

            Condensed consolidated balance sheets - October 2, 1999 and
            January 2, 1999

            Condensed consolidated statements of income - Three and nine
            months ended October 2, 1999 and October 3, 1998

            Condensed consolidated statements of cash flows - Nine months
            ended October 2, 1999 and October 3, 1998

            Notes to condensed consolidated financial statements - October 2,
            1999

            Management's Discussion and Analysis of Financial Condition
            and Results of Operations


PART II.    OTHER INFORMATION

Item  1.          Legal Proceedings

Item  2.          Changes in Securities

Item  3.          Defaults upon Senior Securities

Item  4.          Submission of Matters to a Vote of Security Holders

Item  5.          Other Information

Item  6.          Exhibits and Reports on Form 8-K






















                                       - 2 -


PART 1. FINANCIAL STATEMENTS


Synalloy Corporation
Condensed Consolidated Balance Sheets
                                                   Oct 2, 1999    Jan 2, 1999
                                                   (Unaudited)      (Note)
                                                            
Assets
Current assets
Cash and cash equivalents                          $     4,955    $   117,658
Accounts receivable, less allowance
   for doubtful accounts                            18,504,786     12,596,592
Inventories
   Raw materials                                     8,977,648      7,502,972
   Work-in-process                                   6,297,682      3,755,147
   Finished goods                                   12,621,067     14,842,842
Total inventories                                   27,896,397     26,100,961

Deferred income taxes                                  192,000        192,000
Prepaid expenses and other current assets              304,157        646,342
Total current assets                                46,902,295     39,653,553

Cash value of life insurance                         2,054,053      2,025,984
Investment                                           1,132,117      1,026,117
Property, plant & equipment, net of accumulated
   depreciation of $35,128,000 and $32,498,000      25,220,095     25,495,020
Deferred charges and other assets                    3,296,079      3,173,788

Total assets                                       $78,604,639    $71,374,462

Liabilities and Shareholders' Equity
Current liabilities
Notes payable                                      $ 2,346,000    $   665,000
Accounts payable                                    11,910,445      7,882,778
Income taxes                                           926,238            -
Accrued expenses                                     2,834,794      1,383,740
Current portion of environmental reserves              575,650        575,650
Current portion of long-term debt                      200,000        200,000
Total current liabilities                           18,793,127     10,707,168

Long-term debt, less current portion                10,000,000     10,000,000
Environmental reserves                               1,524,490      1,846,550
Deferred compensation                                1,360,839      1,349,940
Deferred income taxes                                1,660,000      1,623,000
Contingencies

Shareholders' equity
 Common stock, par value $1 per share - authorized
  12,000,000 at October 2,1999 and 8,000,000 shares
  at January 2, 1999; issued 8,000,000 shares        8,000,000      8,000,000
 Capital in excess of par value                          9,491          9,491
 Retained earnings                                  50,186,334     49,687,391
 Accumulated other comprehensive income                522,000        453,000
 Less cost of Common Stock in treasury             (13,451,642)   (12,302,078)
Total shareholders' equity                          45,266,183     45,847,804

Total liabilities and shareholders' equity         $78,604,639    $71,374,462

Note: The balance sheet at January 2, 1999 has been derived from
      the audited financial statements at that date. See accompanying
      notes to condensed consolidated financial statements


                                       - 3 -



Synalloy Corporation
Condensed Consolidated Statements of Income

(Unaudited)                 Three Months Ended          Nine Months Ended
                         Oct 2, 1999   Oct 3, 1998   Oct 2, 1999   Oct 3, 1998

                                                      
Net sales               $31,024,054   $28,039,905   $86,961,126   $84,458,443

Cost of sales            26,424,178    24,572,533    75,658,723    74,589,382

Gross profit              4,599,876     3,467,372    11,302,403     9,869,061

Selling, general and
  administrative expense  3,159,168     2,601,482     8,567,623     7,667,331

Operating income          1,440,708       865,890     2,734,780     2,201,730

Other (income) and expense
  Interest expense          179,836       181,207       535,617       510,892
  Other, net                (19,661)      (19,711)     (102,731)     (106,577)

Income before taxes       1,280,533       704,394     2,301,894     1,797,415

Provision for income tax    450,000       249,000       809,000       635,000

Net income              $   830,533   $   455,394   $ 1,492,894   $ 1,162,415

Net income per common share
    Basic                      $.13          $.07          $.23          $.17

    Diluted                    $.13          $.07          $.23          $.17

Dividends paid per
  Common share                 $.05          $.10          $.15          $.30

Average shares outstanding
    Basic                 6,576,279     6,769,363     6,627,686     6,797,255

    Diluted               6,576,279     6,776,879     6,629,974     6,818,881


See accompanying notes to condensed consolidated financial statements.





















                                      - 4 -


Synalloy Corporation
Condensed Consolidated Statements of Cash Flows

(Unaudited)                                           Nine Months Ended
                                                  Oct 2, 1999    Oct 3, 1998
                                                          
Operating activities
  Net income                                     $ 1,492,894    $ 1,162,415
  Adjustments to reconcile net income to net cash
    provided by operating activities:
      Depreciation expense                         2,921,634      2,587,821
      Amortization of deferred charges               195,939        195,593
      Deferred compensation                           10,899         19,113
      Provision for losses on accounts receivable    594,107        206,538
      Loss on sale of property, plant and equipment    5,864         10,401
      Cash value of life insurance                   (28,069)       (64,926)
      Environmental reserves                        (322,060)      (239,022)
      Changes in operating assets and liabilities:
        Accounts receivable                       (6,502,301)       159,172
        Inventories                               (1,795,436)     1,074,255
        Other assets                                 223,955        305,262
        Accounts payable and accrued expenses      5,460,640      1,952,273
        Income taxes payable                         981,319        (39,400)

Net cash provided by operating activities          3,239,385      7,329,495

Investing activities
  Purchases of property, plant and equipment      (2,675,197)    (1,766,714)
  Proceeds from sale of property,
    plant and equipment                               22,624          9,818
  Acquisitions, net of cash                              -       (3,456,799)
  Increase in note receivables                     (237,000)           -

Net cash used in investing activities             (2,889,573)    (5,213,695)

Financing activities
  Proceeds from revolving lines of credit         25,357,000        852,000
  Payments on revolving lines of credit          (23,676,000)      (317,000)
  Proceeds from exercised stock options                  -            4,838
  Purchases of treasury stock                     (1,149,565)    (1,999,219)
  Dividends paid                                    (993,950)    (2,042,580)

Net cash used in financing activities               (462,515)    (3,501,961)

(Decrease) increase in cash and cash equivalents    (112,703)    (1,386,161)

Cash and cash equivalents at beginning of year       117,658      1,602,543

Cash and cash equivalents at end of period       $     4,955    $   216,382

See accompanying notes to condensed consolidated financial statements.












                                      - 5 -


Synalloy Corporation
Notes To Condensed Consolidated Financial Statements
(Unaudited)

October 2, 1999

NOTE 1--BASIS OF PRESENTATION
The accompanying unaudited condensed consolidated financial statements have
been prepared in accordance with generally accepted accounting principles for
interim financial information and with the instructions to Form 10-Q and Rule
10-01 of Regulation S-X.  Accordingly, they do not include all of the
information and footnotes required by generally accepted accounting principles
for complete financial statements.  In the opinion of management, all
adjustments (consisting of normal recurring accruals) considered necessary for
a fair presentation have been included.  Operating results for the three and
nine month periods ended October 2, 1999, are not necessarily indicative of
the results that may be expected for the year ending January 1, 2000. For
further information, refer to the consolidated financial statements and
footnotes thereto included in the Company's annual report on Form 10-K for the
period ended January 2, 1999.

NOTE 2--INVENTORIES
Inventories are stated at the lower of cost (first-in, first-out method) or
market.

NOTE 3--LEGAL MATTERS
The Company is from time to time subject to various claims, other possible
legal actions for product liability and other damages, and other matters
arising out of the normal conduct of the Company's business.  Management
believes that based on present information, it is unlikely that liability, if
any, exists that would have a materially adverse effect on the consolidated
operating results or financial position of the Company.

NOTE 4--COMPREHENSIVE INCOME
Comprehensive income was $981,000 and $1,562,000 for the three and nine months
ended October 2, 1999, respectively.  Comprehensive income consists of net
income plus unrealized gains on the Company's foreign equity investment, of
$150,000 and $69,000, net of deferred income taxes of $80,000 and $37,000 for
the three and nine months ended October 2, 1999, respectively, and is recorded
in Shareholders' Equity.

NOTE 5--SEGMENT INFORMATION

(Dollar amounts are in thousands.)
                           Three Months Ended             Nine Months Ended
                        Oct 2, 1999  Oct 3, 1998      Oct 2, 1999  Oct 3, 1998
                                                        
  Net sales
    Metals Segment       $ 17,984     $ 13,328         $ 46,747     $ 44,427
    Chemicals Segment      13,040       14,712           40,214       40,031
                         $ 31,024     $ 28,040         $ 86,961     $ 84,458

  Operating income
    Metals Segment       $  1,575     $    191         $  2,717     $  1,231
    Chemicals Segment          86          865              716        1,617
                            1,661        1,056            3,433        2,848
  Unallocated expenses
    Corporate                 200          190              703          646
    Interest and debt
      expense, net of
      interest income         180          162              428          405
  Income before
    income taxes         $  1,281     $    704         $  2,302     $  1,797


                                     -6-

Synalloy Corporation

Management's Discussion And Analysis Of Financial Condition
And Results Of Operations


The following is management's discussion of certain significant factors that
affected the Company during the quarter ended October 2, 1999.  (Dollar
amounts are in thousands except for per share data.)

Consolidated sales for the quarter increased 11 and three percent year to date
compared to the same periods one year ago as improving conditions in the
Metals Segment more than offset continued deterioration in the textile color
business during the third quarter.  Consolidated net income increased 82 and
28 percent for the quarter and year to date, respectively, compared to the
same periods one year ago.

Metals Segment sales increased 35 and five percent in the quarter and year to
date, respectively. Operating income increased 723 and 121 percent in the
quarter and year to date, respectively.  A strong 34 percent increase in unit
volumes in the third quarter was largely responsible for the increase in
dollar sales.  After four years of unrelenting declines that brought stainless
pipe prices down to about one-half of the high reached during 1995, the third
quarter ended with prices about 15 percent above their 1999 lows.  If this
trend toward higher prices is supported in the market place, sales and profits
from stainless pipe should continue to improve.

The piping systems business has improved dramatically from a year ago.  The
backlog for these products, $23,900 at October 2, 1999, is at a healthy level
that should produce good operating results through the end of next year.

Chemicals Segment sales decreased 11 percent in the quarter compared to the
same quarter last year, and year to date sales were slightly above last year's
total.  Operating income declined 90 and 56 percent in the quarter and year to
date, respectively.  Reduced demand coupled with lower prices for textile
colors led to the declines.  As foreign sourcing of dyes for the domestic
textile industry has become more pervasive, sales prices have plummeted to
levels that in many cases defy economic logic.  Under these adverse
conditions, the company is focusing its efforts on the products and customers
where it can best compete effectively.  Management's strategy of developing
specialty chemical sales to reduce the segment's dependence on textile colors
has continued to show progress.  Non textile color products now represent
almost one-half of sales and are expected to grow substantially next year.

Selling and administrative expenses for the quarter and year to date were 10
percent of consolidated sales compared to last year's quarter and year to date
totals of nine percent.  The increase in expense came from increases in
profit-based incentives and the allowance for doubtful accounts to establish
reserves against several potentially uncollectible receivable accounts.













                                       - 7 -


Synalloy Corporation

Management's Discussion And Analysis Of Financial Condition
And Results Of Operations - Continued


Cash flows from operations totaled $3,239 during the first nine months of 1999
compared to $7,329 generated during the same period one year ago. The decrease
in cash flows came primarily from increases in accounts receivable and
inventories, offset by an increase in accounts payable totaling $2,837 in
1999, compared to a $3,186 decrease from the same accounts in 1998.  The
decrease was offset by the $1,020 increase in income taxes payable from 1998
to 1999.  The Company used part of the cash flows generated in 1999 to
purchase in 167,525 shares of the Company's common stock for $1,149.  The
Company expects that available cash and existing lines of credit will be
sufficient to meet normal operating requirements, including capital
expenditures and payment of dividends over the near term.

On October 22, 1999, the Company purchased 260,000 shares of its common stock
at $6.25 per share, for a total purchase price of $1,625.  The purchase
completes the previously announced stock repurchase program and represents
about four percent of the outstanding shares.


Safe Harbor Statement under the Private Securities Litigation Reform Act of
1995

The statements contained in this management discussion and analysis that are
not historical facts may be forward looking statements.  The forward looking
statements are subject to certain risks and uncertainties, including without
limitation those identified below, which could cause actual results to differ
materially from historical results or those anticipated.  Readers are
cautioned not to place undue reliance on these forward looking statements,
which speak only as of their dates.  The following factors could cause actual
results to differ materially from historical results or those anticipated:
adverse economic conditions, the impact of competitive products and pricing,
product demand and acceptance risks, raw material and other increased costs,
customer delays or difficulties in the production of products, and other risks
detailed from time to time in Synalloy's Securities and Exchange Commission
filings.  Synalloy Corporation assumes no obligation to update the information
included herein.





















                                     - 8 -


PART II:  OTHER INFORMATION

Synalloy Corporation


Item  1.    Legal Proceedings

            None

Item  2.    Change In Securities

            None

Item  3.    Defaults Upon Senior Securities

            None

Item  4.    Submission Of Matters To A Vote Of Security Holders:

            None

Item  5.    Other Information

            None

Item  6.    Exhibits And Reports On Form 8-K

            The following exhibits are included herein:
            None

            The Company did not file any reports on Form 8-K during the three
            months ended October 2, 1999





























                                       -9 -



Synalloy Corporation

                                 SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.


                                               SYNALLOY CORPORATION
                                                   (Registrant)



Date:    November 5, 1999                     /s/    James G. Lane, Jr.
                                            James G. Lane, Jr., Chairman and
                                                Chief Executive Officer



Date:    November 5, 1999                     /s/    Gregory M. Bowie
                                                   Gregory M. Bowie
                                                Vice President, Finance















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