FORM 5

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549

ANNUAL STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of
1934, Section 17(a) of the Public Utility Holding Company Act of
1935 or Section 30(f) of the Investment Company Act of 194
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Check this box if no longer
subject to Section 16. Form 4 or
Form 5 obligations may continue.
See Instruction 1(b).

£

Form 3 Holdings Reported

£

Form 4 Transactions Reported

1. Name and Address of Reporting Person*

Matthews Ronald L.


2. Issuer Name and Tickler or Trading Symbol


Synalloy Corporation SYNC

6. Relationship of Reporting Person(s) to Issuer
                  (Check all applicable)

  

Director

 

10% Owner

 X

Officer (give title below)

 

Other (specify below)

President of subsidiary

(Last)        (First)       (Middle)
PO Box 2667

3. I.R.S. Identification Number of
    Reporting Person, if an entity
    (Voluntary)

4. Statement for Month/Year
December 2002

7. Individual or Joint/Group Filing (Check Applicable Line)

5. If Amendment, Date of
    Original (Month/Year)

 X

Form filed by One Reporting Person

(Street)
Greensboro, NC 27402

 

Form filed by More than One Reporting Person

(City)          (State)      (Zip)

Table I ¾ Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned

1. Title of Security
    (Instr. 3)

2. Transaction Date

    (Month/Day/Year)

3. Transaction
    Code
    (Instr.8)

4. Securities Acquired (A)
    or Disposed of (D)
    (Instr. 3, 4 and 5)

5. Amount of Securities
    Beneficially Owned at
    End of Month

    (Instr. 3 and 4)

6. Ownership
    Form: Direct
    (D) or
    Indirect (I)
    (Instr. 4)

7. Nature of
    Indirect
    Beneficial
    Ownership

    (Instr. 4)

Amount

 (A) or
 (D)

Price

Common Stock

         

4,325

I

By 401(k) Trust

                 
                 
                 
                 
                 
                 
                 

* If the form is filed by more than one reporting person, see instruction 4(b)(v).


FORM 5 (continued)

Table II ` Derivative Securities Acquired, Disposed of, or Beneficially Owned
 (e.g., puts, calls, warrants, options, convertible securities)

1. Title of
    Derivative
    Security
    (Instr. 3)

2. Conversion
    or Exercise
    Price of
    Derivative
    Security

3. Transaction
    Date

(Month/Day/Year)

4. Transaction
    Code
    (Instr.8)

5. Number of
    Derivative
    Securities
    Acquired (A)
    or Disposed
    of (D)
    (Instr. 3, 4
    and 5)

6. Date Exercisable
    and Expiration Date
    (Month/Day/Year)

7. Title and Amount
    of Underlying
    Securities
    (Instr. 3 and 4)

8. Price of
    Derivative
    Security
    (Instr. 5)

9. Number of
    Derivative
    Securities
    Beneficially
    Owned at
    End of
    Year
    (Instr. 4)

10. Ownership
      Form of
      Derivative
      Security:
      Direct (D)
      or Indirect
      (I)
      (Instr. 4)

11. Nature of
      Indirect
      Beneficial
      Ownership
      (Instr. 4)

(A)

(D)

Date
Exercisable

Expiration
Date

Title

Amount or
Number of
Shares

Employee Stock Option Plan


$4.65


4/25/02


A

12,000

 


(1)


4/25/2012

Common Stock


12,000

 

32,000

D

 
                           
                           
                           
                           
                           
                           
                           
                           
                           
                           
 

Explanation of Responses:

  • (1) The options vest in five equal installments of 20% beginning one year from date of grant.

       
   

Cheryl C. Carter

 

January 6, 2003

 

   

**Signature of Reporting Person

/s/ Cheryl C. Carter, Power of Attorney
for Ronald L. Matthews

Date

 

**

Intentional misstatements or omissions of facts constitute Federal Criminal Violations.

 

See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).

Note:

File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.