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

|  864-585-3605                                       |
|----------------------------------------------------------|
| (Registrant's      telephone number, including areacode) |

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

Indicate by check mark whether the registrant is a shellcompany (as defined in Rule 12b-2 of the Act).

----

|  Item      1. | Financial      Statements (unaudited)                                                                                             |
|--------------------|-----------------------------------------------------------------------------------------------------------------------------------|
|               | Condensed      consolidated balance sheets - September 27, 2008 and December 29,      2007                                        |
|               | Condensed      consolidated statements of income - Three and nine months ended September      27, 2008 andSeptember      29, 2007 |
|               | Condensed      consolidated statements of cash flows - Nine months ended September 27,      2008 andSeptember      29, 2007       |
|               | Notes      to condensed consolidated financial statements - September 27,      2008                                               |
| 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      1A. | Risk      Factors                                                |
|---------------|------------------------------------------------------------------|
| Item      2.  | Unregistered      Sales of Equity Securities and Use of Proceeds |
| Item      4.  | Submission      of Matters to a Vote of Security Holders         |
| Item      6.  | Exhibits                                                         |
|          | Signatures      and Certifications                               |

----

| PART      I                                                                                                                                              |   |              |        |   |              |   |
|----------------------------------------------------------------------------------------------------------------------------------------------------------|--------|-------------------|-------------|--------|-------------------|--------|
| Item      1. FINANCIAL STATEMENTS                                                                                                                        |   |              |        |   |              |   |
| Synalloy      Corporation                                                                                                                                |   |              |        |   |              |   |
| Condensed      Consolidated Balance Sheets                                                                                                               |   | Sep      27, 2008 |        |   | Dec      29, 2007 |   |
|                                                                                                                                                     |   | (Unaudited)       |        |   | (Note)            |   |
| Assets                                                                                                                                                   |   |              |        |   |              |   |
| Current      assets                                                                                                                                      |   |              |        |   |              |   |
| Cash      and cash equivalents                                                                                                                           |   | $                 | 27,874      |   |              | $      | 28,269 |   |
| Accounts      receivable, less allowance                                                                                                                 |   |              |        |   |              |   |   |   |
| for      doubtful accounts                                                                                                                               |   |              | 26,240,288  |   |              |   | 19,887,556 |   |
| Inventories                                                                                                                                              |   |              |        |   |              |   |   |   |
| Raw      materials                                                                                                                                       |   |              | 19,742,786  |   |              |   | 9,218,395 |   |
| Work-in-process                                                                                                                                          |   |              | 19,193,453  |   |              |   | 28,824,639 |   |
| Finished      goods                                                                                                                                      |   |              | 13,835,752  |   |              |   | 10,758,064 |   |
| Total      inventories                                                                                                                                   |   |              | 52,771,991  |   |              |   | 48,801,098 |   |
|                                                                                                                                                     |   |              |        |   |              |   |   |   |
| Deferred      income taxes                                                                                                                               |   |              | 2,596,949   |   |              |   | 2,284,000 |   |
| Prepaid      expenses and other current assets                                                                                                           |   |              | 271,385     |   |              |   | 433,250 |   |
| Total      current assets                                                                                                                                |   |              | 81,908,487  |   |              |   | 71,434,173 |   |
|                                                                                                                                                     |   |              |        |   |              |   |   |   |
| Cash      value of life insurance                                                                                                                        |   |              | 2,845,022   |   |              |   | 2,805,500 |   |
| Property,      plant & equipment, net of accumulated                                                                                                 |   |              |        |   |              |   |   |   |
| depreciation      of $42,719,000 and $40,374,000                                                                                                         |   |              | 21,798,401  |   |              |   | 20,858,606 |   |
| Deferred      charges and other assets                                                                                                                   |   |              | 1,485,329   |   |              |   | 1,523,021 |   |
|                                                                                                                                                     |   |              |        |   |              |   |   |   |
| Total      assets                                                                                                                                        |   | $                 | 108,037,239 |   |              | $      | 96,621,300 |   |
|                                                                                                                                                     |   |              |        |   |              |   |   |   |
| Liabilities      and Shareholders' Equity                                                                                                                |   |              |        |   |              |   |   |   |
| Current      liabilities                                                                                                                                 |   |              |        |   |              |   |   |   |
| Current      portion of long-term debt                                                                                                                   |   | $                 | 466,667     |   |              | $      | 466,667 |   |
| Accounts      payable                                                                                                                                    |   |              | 18,397,312  |   |              |   | 13,029,172 |   |
| Accrued      expenses                                                                                                                                    |   |              | 8,187,480   |   |              |   | 10,772,331 |   |
| Current      portion of environmental reserves                                                                                                           |   |              | 544,094     |   |              |   | 467,371 |   |
| Income      taxes payable                                                                                                                                |   |              | 814,072     |   |              |   | - |   |
| Total      current liabilities                                                                                                                           |   |              | 28,409,625  |   |              |   | 24,735,541 |   |
|                                                                                                                                                     |   |              |        |   |              |   |   |   |
| Long-term      debt                                                                                                                                      |   |              | 12,777,170  |   |              |   | 10,246,015 |   |
| Environmental      reserves                                                                                                                              |   |              | 580,000     |   |              |   | 580,000 |   |
| Deferred      compensation                                                                                                                               |   |              | 379,500     |   |              |   | 409,462 |   |
| Deferred      income taxes                                                                                                                               |   |              | 2,566,000   |   |              |   | 2,510,000 |   |
| 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                                                                                                                      |   |              | 698,204     |   |              |   | 532,860 |   |
| Retained      earnings                                                                                                                                   |   |              | 70,042,932  |   |              |   | 65,113,597 |   |
| Less      cost of Common Stock in treasury:                                                                                                              |   |              |        |   |              |   |   |   |
| 1,752,466      and 1,762,695 shares                                                                                                                      |   |              | (15,416,192 | )      |              |   | (15,506,175 | ) |
| Total      shareholders' equity                                                                                                                          |   |              | 63,324,944  |   |              |   | 58,140,282 |   |
|                                                                                                                                                     |   |              |        |   |              |   |   |   |
| Total      liabilities and shareholders' equity                                                                                                          |   | $                 | 108,037,239 |   |              | $      | 96,621,300 |   |
| Note:      The balance sheet at December 29, 2007 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 Income                                 |   |                                |                  |    |
|                                                                             |   |                                |                  |    |                               |               |              |   |   |
|  (Unaudited)                                                                |   |        Three      Months Ended |                  |    |        Nine      Months Ended |               |              |
|                                                                             |   |        Sep      27, 2008       |  Sep 29,    2007 |    |                               |  Sep 27, 2008 | Sep      29, 2007 |   |   |
|                                                                             |   |                                |                  |    |                               |               |              |   |   |
| Net      sales                                                                   |   | $                                   | 45,091,769            |    | $                                  | 51,515,183         |              |   | $      | 148,987,452 |   | $ | 139,854,448 |   |
|                                                                             |   |                                |                  |    |                               |               |              |   |   |   |   |   |   |   |   |
| Cost      of goods sold                                                          |   |                                | 40,383,251            |    |                               | 44,539,138         |              |   |   | 129,548,103 |   |   | 115,745,273 |   |
|                                                                             |   |                                |                  |    |                               |               |              |   |   |   |   |   |   |   |   |
| Gross      profit                                                                |   |                                | 4,708,518             |    |                               | 6,976,045          |              |   |   | 19,439,349 |   |   | 24,109,175 |   |
|                                                                             |   |                                |                  |    |                               |               |              |   |   |   |   |   |   |   |   |
| Selling,      general and  administrative expense                           |   |                                | 2,675,611             |    |                               | 3,041,844          |              |   |   | 9,095,660 |   |   | 9,527,861 |   |
|                                                                             |   |                                |                  |    |                               |               |              |   |   |   |   |   |   |   |   |
| Operating      income                                                            |   |                                | 2,032,907             |    |                               | 3,934,201          |              |   |   | 10,343,689 |   |   | 14,581,314 |   |
|                                                                             |   |                                |                  |    |                               |               |              |   |   |   |   |   |   |   |   |
| Other      (income) and expense                                                  |   |                                |                  |    |                               |               |              |   |   |   |   |   |   |   |   |
|   Interest      expense                                                |   |                                | 147,768               |    |                               | 363,644            |              |   |   | 501,324 |   |   | 834,816 |   |
|   Other,      net                                                      |   |                                | (1,683                | )  |                               | (203               | )                 |   |   | (6,264 |   |   | (1,777 | ) |
|                                                                             |   |                                |                  |    |                               |               |              |   |   |   |   |   |   |   |   |
| Income      before income taxes                                                  |   |                                | 1,886,822             |    |                               | 3,570,760          |              |   |   | 9,848,629 |   |   | 13,748,275 |   |
|                                                                             |   |                                |                  |    |                               |               |              |   |   |   |   |   |   |   |   |
| Provision      for income taxes                                                  |   |                                | 645,000               |    |                               | 1,311,000          |              |   |   | 3,353,000 |   |   | 4,768,000 |   |
|                                                                             |   |                                |                  |    |                               |               |              |   |   |   |   |   |   |   |   |
| Net      income                                                                  |   | $                                   | 1,241,822             |    | $                                  | 2,259,760          |              |   | $      | 6,495,629 |   | $ | 8,980,275 |   |
|                                                                             |   |                                |                  |    |                               |               |              |   |   |   |   |   |   |   |   |
|                                                                             |   |                                |                  |    |                               |               |              |   |   |   |   |   |   |   |   |
| Net      income per common share:                                                |   |                                |                  |    |                               |               |              |   |   |   |   |   |   |   |   |
| Basic                                                                            |   | $                                   | .20                   |    | $                                  | .36                |              |   | $      | 1.04 |   | $ | 1.45 |   |
|                                                                             |   |                                |                  |    |                               |               |              |   |   |   |   |   |   |   |   |
| Diluted                                                                          |   | $                                   | .20                   |    | $                                  | .36                |              |   | $      | 1.03 |   | $ | 1.42 |   |
|                                                                             |   |                                |                  |    |                               |               |              |   |   |   |   |   |   |   |   |
| Weighted      average shares outstanding                                         |   |                                |                  |    |                               |               |              |   |   |   |   |   |   |
| Basic                                                                            |   |                                | 6,247,534             |    |                               | 6,236,263          |              |   |   | 6,244,121 |   |   | 6,203,083 |   |
| Dilutive      effect from stock options and grants                          |   |                                | 49,021                |    |                               | 110,989            |              |   |   | 46,268 |   |   | 112,691 |   |
| Diluted                                                                          |   |                                | 6,296,555             |    |                               | 6,347,252          |              |   |   | 6,290,389 |   |   | 6,315,774 |   |
|                                                                             |   |                                |                  |    |                               |               |              |   |   |   |   |   |   |   |   |
|                                                                             |   |                                |                  |    |                               |               |              |   |   |   |   |   |   |   |   |
| See      accompanying notes to condensed consolidated financial      statements. |   |                                |                  |    |                               |               |              |   |

----

| Synalloy      Corporation                                                         |   |                   |       |   |              |   |
|-----------------------------------------------------------------------------------|--------|------------------------|------------|--------|-------------------|--------|
| Condensed      Consolidated Statements of Cash Flows                              |   |                   |       |   |
| (Unaudited)                                                                       |   | Nine      Months Ended |       |
|                                                                              |   | Sep      27, 2008      |       |   | Sep      29, 2007 |   |
| Operating      activities                                                         |   |                   |       |   |              |   |
|  Net      income                                                             |   | $                      | 6,495,629  |   |              | $      | 8,980,275 |   |
|  Adjustments      to reconcile net income to net cash                        |   |                   |       |   |              |   |   |   |
|     provided      by (used in) operating activities:          |   |                   |       |   |              |   |   |   |
|     Depreciation      expense                                 |   |                   | 2,393,177  |   |              |   | 2,311,000 |   |
|     Amortization      of deferred charges                     |   |                   | 37,692     |   |              |   | 41,193 |   |
|     Deferred      income taxes                                |   |                   | (256,949   | )      |              |   | (717,000 | ) |
|     Provision      for losses on accounts receivable          |   |                   | 558,071    |   |              |   | 567,562 |   |
|     Gain      on sale of property, plant and equipment        |   |                   | (1,200     | )      |              |   | - |   |
|     Cash      value of life insurance                         |   |                   | (39,522    | )      |              |   | (36,000 | ) |
|     Environmental      reserves                               |   |                   | 76,723     |   |              |   | 33,556 |   |
|     Issuance      of treasury stock for director fees         |   |                   | 74,970     |   |              |   | 74,989 |   |
|     Employee      stock option and grant compensation         |   |                   | 161,987    |   |              |   | 127,721 |   |
|     Changes      in operating assets and liabilities:         |   |                   |       |   |              |   |   |   |
|         Accounts      receivable          |   |                   | (6,910,803 | )      |              |   | (4,876,198 | ) |
|         Inventories                       |   |                   | (3,970,893 | )      |              |   | (4,516,147 | ) |
|         Other      assets and liabilities |   |                   | (66,485    | )      |              |   | (47,340 | ) |
|         Accounts      payable             |   |                   | 5,368,140  |   |              |   | 921,471 |   |
|         Accrued      expenses             |   |                   | (2,584,851 | )      |              |   | 2,511,998 |   |
|         Income      taxes payable         |   |                   | 1,012,460  |   |              |   | (1,508,295 | ) |
|                                                                              |   |                   |       |   |              |   |   |   |
| Net      cash provided by operating activities                                    |   |                   | 2,348,146  |   |              |   | 3,868,785 |   |
|                                                                              |   |                   |       |   |              |   |   |   |
| Investing      activities                                                         |   |                   |       |   |              |   |   |   |
|     Purchases      of property, plant and equipment           |   |                   | (3,332,972 | )      |              |   | (3,547,463 | ) |
|     Proceeds      from sale of property, plant and equipment  |   |                   | 1,200      |   |              |   | - |   |
|                                                                              |   |                   |       |   |              |   |   |   |
| Net      cash used in investing activities                                        |   |                   | (3,331,772 | )      |              |   | (3,547,463 | ) |
|                                                                              |   |                   |       |   |              |   |   |   |
| Financing      activities                                                         |   |                   |       |   |              |   |   |   |
|     Net      proceeds from long-term debt                     |   |                   | 2,531,155  |   |              |   | 39,805 |   |
|     Dividends      paid                                       |   |                   | (1,566,294 | )      |              |   | (927,189 | ) |
|     Capital      contributed                                  |   |                   | -          |   |              |   | 20,340 |   |
|     Excess      tax benefits from Stock Grant Plan            |   |                   | 13,720     |   |              |   | - |   |
|     Proceeds      from exercised stock options                |   |                   | 4,650      |   |              |   | 550,465 |   |
|                                                                              |   |                   |       |   |              |   |   |   |
| Net      cash provided by (used in) financing activities                          |   |                   | 983,231    |   |              |   | (316,579 | ) |
|                                                                              |   |                   |       |   |              |   |   |   |
|     (Decrease)      increase in cash and cash equivalents     |   |                   | (395       | )      |              |   | 4,743 |   |
|     Cash      and cash equivalents at beginning of period     |   |                   | 28,269     |   |              |   | 21,413 |   |
|                                                                              |   |                   |       |   |              |   |   |   |
| Cash      and cash equivalents at end of period                                   |   | $                      | 27,874     |   |              | $      | 26,156 |   |
|                                                                              |   |                   |       |   |              |   |   |   |
| See      accompanying notes to condensed consolidated financial      statements.  |   |                   |       |   |              |

----

|                                               |   | Weighted |   |   |        |   |    | Weighted        |   |   |          |   |   |            |      |
|----------------------------------------------------|--------|----------|--------|--------|-------------|--------|---------|-----------------|--------|--------|---------------|--------|--------|-----------------|-----------|
|                                               |   | Average  |   |   |        |   |    | Average         |   |   | Intrinsic     |   |   |            |      |
|                                               |   | Exercise |   |   | Options     |   |    | Contractual     |   |   | Value      of |   |   | Options         |      |
|                                               |   | Price    |   |   | Outstanding |   |    | Term            |   |   | Options       |   |   | Available       |      |
|                                               |   |     |   |   |        |   |    | (in      years) |   |   |          |   |   |            |      |
| At      December 29, 2007                          |   | $        | 8.51   |   |        |   | 130,743 |            |   |   | 4.6           |   |   | $               | 1,198,000 |   |   |   | 207,100 |   |
|   Exercised                              |   | $        | 4.65   |   |        |   | (1,000  | )               |   |   |          |   |   | $               | 8,550     |   |   |   |   |   |
|   Expired                                |   | $        | 13.63  |   |        |   | (1,500  | )               |   |   |          |   |   |            |      |   |   |   |   |   |
| At      September 27, 2008                         |   | $        | 8.48   |   |        |   | 128,243 |            |   |   | 4.0           |   |   | $               | 791,000   |   |   |   | 207,100 |   |
| Exercisable      options                           |   | $        | 8.04   |   |        |   | 98,789  |            |   |   | 3.2           |   |   | $               | 653,000   |   |   |   |   |   |
|                                               |   |     |   |   |        |   |    |            |   |   |          |   |   |            |      |   |   |   |   |   |
|                                               |   |     |   |   |        |   |    |            |   |   |          |   |   | Grant      Date |      |   |   |   |   |
| Options      expected to vest:                     |   |     |   |   |        |   |    |            |   |   |          |   |   | Fair      Value |      |   |   |   |   |
| At      December 29, 2007                          |   | $        | 9.96   |   |        |   | 43,454  |            |   |   | 7.1           |   |   | $               | 6.77      |   |   |   |   |   |
|    Vested      in the first quarter |   | $        | 9.96   |   |        |   | (14,000 | )               |   |   |          |   |   |            |      |   |   |   |   |   |
| At      September 27, 2008                         |   | $        | 9.96   |   |        |   | 29,454  |            |   |   | 6.4           |   |   | $               | 6.77      |   |   |   |   |   |

----

|                                   |   |   |   |   | Weighted        |   |
|----------------------------------------|--------|--------|--------|--------|-----------------|--------|
|                                   |   |   |   |   | Average         |   |
|                                   |   |   |   |   | Grant      Date |   |
|                                   |   | Shares |   |   | Fair      Value |   |
|                                   |   |   |   |   |            |   |
| Outstanding      at December 29, 2007  |   |   | 22,180 |   |            | $      | 25.00 |   |
|                                   |   |   |   |   |            |   |   |   |
| Granted                                |   |   | 11,480 |   |            | $      | 16.35 |   |
| Vested                                 |   |   | (4,436 | )      |            | $      | 25.00 |   |
| Forfeited      or expired              |   |   | (3,980 | )      |            | $      | 21.48 |   |
|                                   |   |   |   |   |            |   |   |   |
| Outstanding      at September 27, 2008 |   |   | 25,244 |   |            | $      | 21.62 |   |

----

|                             |   |  THREE      MONTHS ENDED |       | NINE      MONTHS ENDED |              |   |
|----------------------------------|--------|-------------------------------|------------|------------------------|-------------------|--------|
|                             |   | Sep      27, 2008             |       |                   | Sep      29, 2007 |   |   | Sep      27, 2008 | Sep      29. 2007 |   |   |
|                             |   |                          |       |                   |              |   |   |   |   |   |
| Net      sales                   |   |                          |       |                   |              |   |   |   |   |   |
| Specialty      Chemicals Segment |   | $                             | 15,990,000 |                   |              | $      | 14,982,000 |   |   | $ | 45,318,000 |   |   | $ | 39,045,000 |   |
| Metals      Segment              |   |                          | 29,102,000 |                   |              |   | 36,533,000 |   |   |    | 103,669,000 |   |   |   | 100,809,000  |   |   |
|                             |   | $                             | 45,092,000 |                   |              | $      | 51,515,000 |   |   | $ | 148,987,000 |   |   | $ | 139,854,000 |   |
| Operating      income            |   |                          |       |                   |              |   |   |   |   |   |   |   |   |   |   |   |   |
| Specialty      Chemicals Segment |   | $                             | 744,000    |                   |              | $      | 1,106,000 |   |   | $ | 1,919,000 |   |   | $ | 2,239,000 |   |
| Metals      Segment              |   |                          | 1,858,000  |                   |              |   | 3,477,000 |   |   |   | 10,522,000 |   |   |   | 14,451,000  |   |   |
|                             |   |                          | 2,602,000  |                   |              |   | 4,583,000 |   |   |   | 12,441,000 |   |   |   | 16,690,000  |   |   |
| Unallocated      expenses        |   |                          |       |                   |              |   |   |   |   |   |   |   |   |   |   |   |   |
| Corporate                        |   |                          | 569,000    |                   |              |   | 648,000 |   |   |   | 2,097,000 |   |   |   | 2,109,000  |   |   |
| Interest      and debt expense   |   |                          | 148,000    |                   |              |   | 364,000 |   |   |   | 501,000 |   |   |   | 835,000 |   |   |
| Other      income                |   |                          | (2,000     | )                      |              |   | - |   |   |   |  (6,000 |  ) |   |   | (2,000 | ) |   |
|                             |   |                          |       |                   |              |   |   |   |   |   |   |   |   |   |   |   |   |
| Income      before income taxes  |   | $                             | 1,887,000  |                   |              | $      | 3,571,000 |   |   | $ | 9,849,000 |   |   | $ | 13,748,000 |   |

----

----

----

----

----

|  Item 6. |   | Exhibits                                                                                                       |
|---------------|--------|----------------------------------------------------------------------------------------------------------------|
|          |   | The      following exhibits are included herein:                                                               |
|          | 31     | Rule      13a-14(a)/15d-14(a) Certifications of Chief Executive Officer and Chief      Financial Officer  |
|          | 32     | Certifications      Pursuant to 18 U.S.C. Section 1350                                                         |

----

|                                   |                      |
|----------------------------------------|---------------------------|
|                                   | SYNALLOY      CORPORATION |
|                                   |                      | (Registrant) |
|                                   |                      |   |
|                                   |                      |   |
| Date: October 31,      2008            | By:                       | /s/ Ronald H.      Braam                  |
|                                   |                      | Ronald      H. Braam |
|                                   |                      | President      and Chief Executive Officer |
|                                   |                      |   |
| Date:  October 31,      2008 | By:                       | /s/ Gregory M.      Bowie                    |
|                                   |                      | Gregory      M. Bowie |
|                                   |                      | Vice      President Finance and Chief Financial Officer |
|                                   |                      |   |

----