----

| [X] | QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d)OF THE SECURITIES EXCHANGE ACT OF 1934 |
|-----|----------------------------------------------------------------------------------------|

| [  ] | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d)OF THE SECURITIES EXCHANGE ACT OF 1934 |
|----------------|-----------------------------------------------------------------------------------------|

|  Delaware                                                |   |  57-0426694                    |
|---------------------------------------------------------------|--------|-------------------------------------|
| (State or other jurisdiction ofincorporation or organization) |   | (IRS EmployerIdentification Number) |
|                                                          |   |                                |
| 2155 West Croft CircleSpartanburg, South Carolina             |   |  29302                         |
|   (Address of principal executive offices)               |   | (Zip code)                          |

| (864) 585-3605 |
|----------------|

| (Registrant's telephone number, including area code) |
|------------------------------------------------------|

| Larger accelerated filer (  )                                            | Accelerated filer (  )    |
|------------------------------------------------------------------------------------|------------------------------------------|
| Non-accelerated filer (  ) (Do not check if a smaller reporting company) | Smaller reporting company  (X) |

----

|  Item 1. | Financial Statements (unaudited)                                                                                 |
|---------------|------------------------------------------------------------------------------------------------------------------|
|          | Condensed consolidated balance sheets – October 2, 2010 and January 2, 2010                                |
|          | Condensed consolidated statements of operations - Three and nine months ended October 2, 2010 andOctober 3, 2009 |
|          | Condensed consolidated statements of cash flows - Nine months ended October 2, 2010 andOctober 3, 2009           |
|          | Notes to condensed consolidated financial statements – October 2, 2010                                     |
| Item 2.       | Management's Discussion and Analysis of Financial Condition and Results of Operations                            |
| Item 3.       | Quantitative and Qualitative Disclosures About Market Risk                                                       |
| Item 4.       | Controls and Procedures                                                                                          |
|          |                                                                                                             |

| Item 2. | Unregistered Sales of Equity Securities and Use of Proceeds |
|---------|-------------------------------------------------------------|
| Item 6. | Exhibits                                                    |
|    | Signatures and Certifications                               |

----

| PART I                                                                                                                                         |   |        |        |   |        |   |
|------------------------------------------------------------------------------------------------------------------------------------------------|--------|-------------|-------------|--------|-------------|--------|
| Item 1. FINANCIAL STATEMENTS                                                                                                                   |   |        |        |   |        |   |
| Synalloy Corporation                                                                                                                           |   |        |        |   |        |   |
| Condensed Consolidated Balance Sheets                                                                                                          |   | Oct 2, 2010 |        |   | Jan 2, 2010 |   |
|                                                                                                                                           |   | (Unaudited) |        |   | (Note)      |   |
| Assets                                                                                                                                         |   |        |        |   |        |   |
| Current assets                                                                                                                                 |   |        |        |   |        |   |
| Cash and cash equivalents                                                                                                                      |   | $           | 1,428,824   |   |        | $      | 14,096,557 |   |
| Accounts receivable, less allowance                                                                                                            |   |        |        |   |        |   |   |   |
| for doubtful accounts                                                                                                                          |   |        | 22,192,655  |   |        |   | 14,041,130 |   |
| Inventories                                                                                                                                    |   |        |        |   |        |   |   |   |
| Raw materials                                                                                                                                  |   |        | 14,001,007  |   |        |   | 8,639,078 |   |
| Work-in-process                                                                                                                                |   |        | 11,979,878  |   |        |   | 8,418,840 |   |
| Finished goods                                                                                                                                 |   |        | 10,589,786  |   |        |   | 8,446,406 |   |
| Total inventories                                                                                                                              |   |        | 36,570,671  |   |        |   | 25,504,324 |   |
|                                                                                                                                           |   |        |        |   |        |   |   |   |
| Income taxes receivable                                                                                                                        |   |        | 209,028     |   |        |   | 919,743 |   |
| Deferred income taxes                                                                                                                          |   |        | 1,832,545   |   |        |   | 1,702,000 |   |
| Prepaid expenses and other current assets                                                                                                      |   |        | 50,488      |   |        |   | 636,680 |   |
| Total current assets                                                                                                                           |   |        | 62,284,211  |   |        |   | 56,900,434 |   |
|                                                                                                                                           |   |        |        |   |        |   |   |   |
| Cash value of life insurance                                                                                                                   |   |        | 3,025,800   |   |        |   | 2,959,637 |   |
| Property, plant & equipment, net of accumulated                                                                                            |   |        |        |   |        |   |   |   |
| depreciation of $38,039,952 and $36,732,950                                                                                                    |   |        | 18,564,038  |   |        |   | 15,796,882 |   |
| Goodwill                                                                                                                                       |   |        | 2,354,730   |   |        |   | 2,354,730 |   |
| Deferred charges, net                                                                                                                          |   |        | 298,712     |   |        |   | 240,000 |   |
|                                                                                                                                           |   |        |        |   |        |   |   |   |
| Total assets                                                                                                                                   |   | $           | 86,527,491  |   |        | $      | 78,251,683 |   |
|                                                                                                                                           |   |        |        |   |        |   |   |   |
| Liabilities and Shareholders' Equity                                                                                                           |   |        |        |   |        |   |   |   |
| Current liabilities                                                                                                                            |   |        |        |   |        |   |   |   |
| Accounts payable                                                                                                                               |   | $           | 13,844,082  |   |        | $      | 6,581,631 |   |
| Accrued expenses                                                                                                                               |   |        | 4,069,528   |   |        |   | 5,820,748 |   |
| Current portion of environmental reserves                                                                                                      |   |        | 205,608     |   |        |   | 375,000 |   |
| Total current liabilities                                                                                                                      |   |        | 18,119,218  |   |        |   | 12,777,379 |   |
|                                                                                                                                           |   |        |        |   |        |   |   |   |
| Long-term debt                                                                                                                                 |   |        | 1,772,568   |   |        |   | - |   |
| Environmental reserves                                                                                                                         |   |        | 750,000     |   |        |   | 750,000 |   |
| Deferred compensation                                                                                                                          |   |        | 312,139     |   |        |   | 380,562 |   |
| Deferred income taxes                                                                                                                          |   |        | 1,623,000   |   |        |   | 1,623,000 |   |
|                                                                                                                                           |   |        |        |   |        |   |   |   |
| Shareholders' equity                                                                                                                           |   |        |        |   |        |   |   |   |
| Common stock, par value $1 per share - authorized                                                                                              |   |        |        |   |        |   |   |   |
| 12,000,000 shares; issued 8,000,000 shares                                                                                                     |   |        | 8,000,000   |   |        |   | 8,000,000 |   |
| Capital in excess of par value                                                                                                                 |   |        | 895,223     |   |        |   | 856,021 |   |
| Retained earnings                                                                                                                              |   |        | 70,104,353  |   |        |   | 69,113,403 |   |
| Less cost of Common Stock in treasury:                                                                                                         |   |        |        |   |        |   |   |   |
| 1,710,592 and 1,733,424 shares                                                                                                                 |   |        | (15,049,010 | )      |        |   | (15,248,682 | ) |
| Total shareholders' equity                                                                                                                     |   |        | 63,950,566  |   |        |   | 62,720,742 |   |
|                                                                                                                                           |   |        |        |   |        |   |   |   |
| Total liabilities and shareholders' equity                                                                                                     |   | $           | 86,527,491  |   |        | $      | 78,251,683 |   |
| Note: The balance sheet at January 2, 2010 has been derived from the audited consolidated financial statements at that date.                   |   |
|             See accompanying notes to condensed consolidated financial statements. |   |        |        |   |        |   |   |   |

----

|                                                                   |   |               |       |   |              |   |       |        |   |   |        |   |
|------------------------------------------------------------------------|--------|--------------------|------------|--------|-------------------|--------|------------|-------------|--------|--------|-------------|--------|
|                                                                   |   |               |       |   |              |   |       |        |   |   |        |   |
| Synalloy Corporation                                                   |   |               |       |   |              |   |       |        |   |   |        |   |
| Condensed Consolidated Statements of Operations                        |   |               |       |   |              |   |       |
| (Unaudited)                                                            |   |               |       |   |              |   |
|                                                                   |   | Three Months Ended |       |   | Nine Months Ended |   |
|                                                                   |   | Oct 2, 2010        |       |   | Oct 3, 2009       |   |       | Oct 2, 2010 |   |   | Oct 3, 2009 |   |
|                                                                   |   |               |       |   |              |   |       |        |   |   |        |   |
| Net sales                                                              |   | $                  | 41,932,059 |   |              | $      | 25,712,110 |        |   | $      | 113,481,348 |   |   | $ | 77,797,009 |   |
|                                                                   |   |               |       |   |              |   |       |        |   |   |        |   |   |   |   |   |
| Cost of goods sold                                                     |   |               | 37,312,332 |   |              |   | 22,690,998 |        |   |   | 101,901,687 |   |   |   | 69,875,540 |   |
|                                                                   |   |               |       |   |              |   |       |        |   |   |        |   |   |   |   |   |
| Gross profit                                                           |   |               | 4,619,727  |   |              |   | 3,021,112  |        |   |   | 11,579,661  |   |   |   | 7,921,469 |   |
| Selling, general and administrative expense                            |   |               | 2,380,249  |   |              |   | 2,394,490  |        |   |   | 7,510,878   |   |   |   | 7,056,502 |   |
|                                                                   |   |               |       |   |              |   |       |        |   |   |        |   |   |   |   |   |
| Operating income                                                       |   |               | 2,239,478  |   |              |   | 626,622    |        |   |   | 4,068,783   |   |   |   | 864,967 |   |
|                                                                   |   |               |       |   |              |   |       |        |   |   |        |   |   |   |   |   |
| Other (income) and expense                                             |   |               |       |   |              |   |       |        |   |   |        |   |   |   |   |   |
|     Interest expense                               |   |               | 21,996     |   |              |   | 90,676     |        |   |   | 36,243      |   |   |   | 285,148 |   |
|     Change in fair value of interest rate swap     |   |               | -          |   |              |   | (37,000    | )           |   |   | -           |   |   |   | (114,000 | ) |
|     Other, net                                     |   |               | (1,184     | )      |              |   | 145,726    |        |   |   | (11,494     | )      |   |   | 143,844 |   |
|                                                                   |   |               |       |   |              |   |       |        |   |   |        |   |   |   |   |   |
| Income from continuing operations                                      |   |               |       |   |              |   |       |        |   |   |        |   |   |   |   |   |
| before income tax                                                      |   |               | 2,218,666  |   |              |   | 427,220    |        |   |   | 4,044,034   |   |   |   | 549,975 |   |
| Provision for income taxes                                             |   |               | 807,000    |   |              |   | 146,000    |        |   |   | 1,472,000   |   |   |   | 188,000 |   |
|                                                                   |   |               |       |   |              |   |       |        |   |   |        |   |   |   |   |   |
| Net income from continuing operations                                  |   |               | 1,411,666  |   |              |   | 281,220    |        |   |   | 2,572,034   |   |   |   | 361,975 |   |
|                                                                   |   |               |       |   |              |   |       |        |   |   |        |   |   |   |   |   |
| Income from discontinued                                               |   |               |       |   |              |   |       |        |   |   |        |   |   |   |   |   |
| operations before income taxes                                         |   |               | -          |   |              |   | 281,495    |        |   |   | -           |   |   |   | 211,891 |   |
| Tax provision                                                          |   |               | -          |   |              |   | 96,000     |        |   |   | -           |   |   |   | 72,000 |   |
| Net income from discontinued operations                           |   |               | -          |   |              |   | 185,495    |        |   |   | -           |   |   |   | 139,891 |   |
|                                                                   |   |               |       |   |              |   |       |        |   |   |        |   |   |   |   |   |
| Net income                                                             |   | $                  | 1,411,666  |   |              | $      | 466,715    |        |   | $      | 2,572,034   |   |   | $ | 501,866 |   |
|                                                                   |   |               |       |   |              |   |       |        |   |   |        |   |   |   |   |   |
| Net income per basic common share:                                     |   |               |       |   |              |   |       |        |   |   |        |   |   |   |   |   |
| Continuing operations                                                  |   | $                  | 0.22       |   |              | $      | 0.04       |        |   | $      | 0.41        |   |   | $ | 0.06 |   |
| Discontinued operations                                                |   |               | -          |   |              |   | 0.03       |        |   |   | -           |   |   |   | 0.02 |   |
| Net income                                                             |   | $                  | 0.22       |   |              | $      | 0.07       |        |   | $      | 0.41        |   |   | $ | 0.08 |   |
|                                                                   |   |               |       |   |              |   |       |        |   |   |        |   |   |   |   |   |
| Net income per diluted common share:                                   |   |               |       |   |              |   |       |        |   |   |        |   |   |
| Continuing operations                                                  |   | $                  | 0.22       |   |              | $      | 0.04       |        |   | $      | 0.41        |   |   | $ | 0.06 |   |
| Discontinued operations                                                |   |               | -          |   |              |   | 0.03       |        |   |   | -           |   |   |   | 0.02 |   |
| Net income                                                             |   | $                  | 0.22       |   |              | $      | 0.07       |        |   | $      | 0.41        |   |   | $ | 0.08 |   |
|                                                                   |   |               |       |   |              |   |       |        |   |   |        |   |   |   |   |   |
| Weighted average shares outstanding:                                   |   |               |       |   |              |   |       |        |   |   |        |   |   |   |   |   |
| Basic                                                                  |   |               | 6,285,781  |   |              |   | 6,266,576  |        |   |   | 6,280,193   |   |   |   | 6,260,215 |   |
| Dilutive effect from stock                                             |   |               |       |   |              |   |       |        |   |   |        |   |   |   |   |   |
|     options and grants                             |   |               | 28,900     |   |              |   | 11,320     |        |   |   | 24,264      |   |   |   | 6,589 |   |
| Diluted                                                                |   |               | 6,314,681  |   |              |   | 6,277,896  |        |   |   | 6,304,457   |   |   |   | 6,266,804 |   |
|                                                                   |   |               |       |   |              |   |       |        |   |   |        |   |   |   |   |   |
| See accompanying notes to condensed consolidated financial statements. |   |               |       |   |              |   |       |        |   |   |        |   |   |

----

|                                                                              |   |              |        |        |   |
|-----------------------------------------------------------------------------------|--------|-------------------|-------------|-------------|--------|
| Synalloy Corporation                                                              |   |              |        |        |   |
| Condensed Consolidated Statements of Cash Flows                                   |   |              |        |        |   |
| (Unaudited)                                                                       |   | Nine Months Ended |
|                                                                              |   | Oct 2, 2010       |        | Oct 3, 2009 |
| Operating activities                                                              |   |              |        |        |
|  Net income from continuing operations                                       |   | $                 | 2,572,034   |        | $      | 361,975 |   |
|  Adjustments to reconcile net income to net cash                             |   |              |        |        |   |   |   |
|     (used in) provided by continuing operating activities:    |   |              |        |        |   |   |   |
|     Depreciation expense                                      |   |              | 2,004,721   |        |   | 1,968,904 |   |
|     Amortization of deferred charges                          |   |              | 5,340       |        |   | 50,442 |   |
|     Deferred income taxes                                     |   |              | (130,545    | )           |   | (387,051 | ) |
|     Provision for losses on accounts receivable               |   |              | 114,754     |        |   | 235,593 |   |
|     Provision for (reduction of) losses on inventory          |   |              | 50,502      |        |   | (1,382,467 | ) |
|     Gain on sale of property, plant and equipment             |   |              | (46,223     | )           |   | (20,721 | ) |
|     Cash value of life insurance                              |   |              | (66,163     | )           |   | (43,249 | ) |
|     Provision for (reduction of) environmental reserves       |   |              | (169,392    | )           |   | 176,726 |   |
|     Issuance of treasury stock for director fees              |   |              | 67,478      |        |   | 75,010 |   |
|     Employee stock option and stock grant compensation        |   |              | 132,331     |        |   | 158,126 |   |
|     Changes in operating assets and liabilities:              |   |              |        |        |   |   |   |
|         Accounts receivable               |   |              | (8,266,279  | )           |   | 5,008,477 |   |
|         Inventories                       |   |              | (11,116,849 | )           |   | 17,981,777 |   |
|         Other assets and liabilities      |   |              | 453,716     |        |   | (197,701 | ) |
|         Income taxes receivable           |   |              | 710,715     |        |   | (4,755,584 | ) |
|         Accounts payable                  |   |              | 7,262,451   |        |   | (2,710,506 | ) |
|         Accrued expenses                  |   |              | (1,751,220  | )           |   | 1,253,173 |   |
| Net cash (used in) provided by continuing operating activities                    |   |              | (8,172,629  | )           |   | 17,772,924 |   |
| Net cash provided by discontinued operating activities                            |   |              | -           |        |   | 1,478,154 |   |
| Net cash (used in) provided by operating activities                               |   |              | (8,172,629  | )           |   | 19,251,078 |   |
|                                                                              |   |              |        |        |   |   |   |
| Investing activities                                                              |   |              |        |        |   |   |   |
|      Purchases of property, plant and equipment          |   |              | (4,782,486  | )           |   | (1,383,903 | ) |
|      Proceeds from sale of property, plant and equipment |   |              | 56,832      |        |   | 1,150,643 |   |
|      Acquisition of Ram-Fab, Inc.                        |   |              | -           |        |   | (5,707,773 | ) |
| Net cash used in continuing investing activities                                  |   |              | (4,725,654  | )           |   | (5,941,033 | ) |
|      Sale of Blackman Uhler Specialties, LLC assets, net |   |              | -           |        |   | 10,365,757 |   |
|      Sale of Organic Pigments, LLC assets, net           |   |              | -           |        |   | 1,441,006 |   |
|      Other                                               |   |              | -           |        |   | (501,346 | ) |
| Net cash provided by discontinued investing activities                            |   |              | -           |        |   | 11,305,417 |   |
| Net cash (used in) provided by investing activities                               |   |              | (4,725,654  | )           |   | 5,364,384 |   |
|                                                                              |   |              |        |        |   |   |   |
| Financing activities                                                              |   |              |        |        |   |   |   |
|      Borrowings from (payments on) long-term debt, net   |   |              | 1,772,568   |        |   | (10,425,648 | ) |
|      Dividends paid                                      |   |              | (1,581,084  | )           |   | (631,817 | ) |
|      Proceeds from exercised stock options               |   |              | 39,066      |        |   | - |   |
|      Excess tax benefits from Stock Grant Plan           |   |              | -           |        |   | 1,914 |   |
| Net cash provided by (used in) financing activities                               |   |              | 230,550     |        |   | (11,055,551 | ) |
|                                                                              |   |              |        |        |   |   |   |
|      (Decrease) increase in cash and cash equivalents    |   |              | (12,667,733 | )           |   | 13,559,911 |   |
|      Cash and cash equivalents at beginning of period    |   |              | 14,096,557  |        |   | 97,215 |   |
|                                                                              |   |              |        |        |   |   |   |
| Cash and cash equivalents at end of period                                        |   | $                 | 1,428,824   |        | $      | 13,657,126 |   |
| See accompanying notes to condensed consolidated financial statements.            |   |              |        |        |   |   |   |

----

----

|                           |   |   |    |   | Weighted   |   |
|--------------------------------|--------|--------|---------|--------|------------|--------|
|                           |   |   |    |   | Average    |   |
|                           |   |   |    |   | Grant Date |   |
|                           |   | Shares |    |   | Fair Value |   |
|                           |   |   |    |   |       |   |
| Outstanding at January 2, 2010 |   |   | 23,134  |   |       | $      | 17.62 |   |
|                           |   |   |    |   |       |   |   |   |
| Granted                        |   |   | 51,500  |   |       | $      | 7.88 |   |
| Vested                         |   |   | (7,059  | )      |       | $      | 19.30 |   |
| Forfeited or expired           |   |   | (19,235 | )      |       | $      | 8.89 |   |
| Outstanding at October 2, 2010 |   |   | 48,340  |   |       | $      | 10.47 |   |

----

|                                                  |   | Three Months Ended |       |   | Nine Months Ended |   |
|-------------------------------------------------------|--------|--------------------|------------|--------|-------------------|--------|
|                                                  |   | Oct 2, 2010        |       |   | Oct 3, 2009       |   |   | Oct 2, 2010 |   |   | Oct 3, 2009 |   |
| Net sales                                             |   |               |       |   |              |   |   |   |   |   |   |   |
| Metals Segment                                        |   | $                  | 30,871,000 |   |              | $      | 16,857,000 |   |   | $ | 80,970,000 |   |   | $ | 53,619,000 |   |
| Specialty Chemicals Segment                           |   |               | 11,061,000 |   |              |   | 8,855,000 |   |   |   | 32,511,000 |   |   |   | 24,178,000 |   |
|                                                  |   | $                  | 41,932,000 |   |              | $      | 25,712,000 |   |   | $ | 113,481,000 |   |   | $ | 77,797,000 |   |
| Operating income                                      |   |               |       |   |              |   |   |   |   |   |   |   |   |   |   |   |
| Metals Segment                                        |   | $                  | 1,772,000  |   |              | $      | 307,000 |   |   | $ | 2,333,000 |   |   | $ | 973,000 |   |
| Specialty Chemicals Segment                           |   |               | 856,000    |   |              |   | 1,004,000 |   |   |   | 3,183,000 |   |   |   | 1,940,000 |   |
|                                                  |   |               | 2,628,000  |   |              |   | 1,311,000 |   |   |   | 5,516,000 |   |   |   | 2,913,000 |   |
| Unallocated expenses (income)                         |   |               |       |   |              |   |   |   |   |   |   |   |   |   |   |   |
| Corporate                                             |   |               | 388,000    |   |              |   | 684,000 |   |   |   | 1,447,000 |   |   |   | 2,048,000 |   |
| Interest expense                                      |   |               | 22,000     |   |              |   | 91,000 |   |   |   | 36,000 |   |   |   | 285,000 |   |
| Change in fair value of interest                      |   |               |       |   |              |   |   |   |   |   |   |   |   |   |   |   |
|     rate swap                     |   |               | -          |   |              |   | (37,000 | ) |   |   | - |   |   |   | (114,000 | ) |
| Other expense (income)                                |   |               | (1,000     | )      |              |   | 146,000 |   |   |   | (11,000 | ) |   |   | 144,000 |   |
| Income from continuing operations before income taxes |   | $                  | 2,219,000  |   |              | $      | 427,000 |   |   | $ | 4,044,000 |   |   | $ | 550,000 |   |

----

----

----

----

----

----

----

|        |   |                   |   |  Number of Shares |   |              |
|-------------|--------|------------------------|--------|------------------------|--------|-------------------|
| Date Issued |   | Class of Purchasers    |   |  Forfeited        |   | Consideration     |
| 9/24/2010   |   | Non-Employee Directors |   | (766)                  |   | Director Services |

|        |   |                   |   |                          |   |                     |
|-------------|--------|------------------------|--------|-------------------------------|--------|--------------------------|
| Date Issued |   | Class of Purchasers    |   |  Number of Shares Issued |   | Aggregate Exercise Price |
| 9/23/2010   |   | Officers and Employees |   | 4,800                         |   | $22,320                  |

|  Item 6. Exhibits |
|------------------------|
|                   | The following exhibits are included herein: |
|                   | 31.1 | Rule 13a-14(a)/15d-14(a) Certifications of Chief Executive Officer  |
|                   | 31.2 | Rule 13a-14(a)/15d-14(a) Certifications of Chief Financial Officer and Principal Accounting Officer  |
|                   | 32 | Certifications Pursuant to 18 U.S.C. Section 1350 |

----

|                               |                 |
|------------------------------------|----------------------|
|                               | SYNALLOY CORPORATION |
|                               |                 | (Registrant) |
|                               |                 |   |
|                               |                 |   |
| Date: November 12, 2010            | By:                  | /s/ Ronald H. Braam                  |
|                               |                 | Ronald H. Braam |
|                               |                 | President and Chief Executive Officer |
|                               |                 |   |
| Date:  November 12, 2010 | By:                  | /s/ Richard D. Sieradzki                    |
|                               |                 | Richard D. Sieradzki |
|                               |                 | Chief Financial Officer and Principal Accounting Officer |
|                               |                 |   |

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