The Case for Change

We believe Synalloy has a tremendous amount of potential. The Company’s high-quality assets, skilled workforce and established supply chain should be the foundation of long-term value creation—not the prolonged underperformance delivered by the Company’s current leadership.

Abysmal Performance Under Current CEO

After several years of disappointing results, which are clearly reflected by Synalloy’s abysmal long-term share price performance even during the bull market before the COVID-19 pandemic, we feel it is abundantly clear that the incumbent Board of Directors and Chief Executive Officer Craig Bram have failed—despite their lengthy tenures—to unlock the Company’s considerable potential for stockholders.

Reckless Spending and Margin Deterioration Under Current CEO

Unfortunately, in the face of this dramatic share price underperformance, there has been continued margin deterioration and an explosive growth in corporate expenses. Throughout this entire period, we have yet to see any evidence that the Board is capable of taking effective action to create an operational improvement plan or hold management accountable for this waste of stockholders’ capital.

Baffling Lack of Experience Within Current Board

We struggle to understand how the current Board and management team can give stockholders comfort in their abilities. At the Board level, the current Chairman has been in place since 2011 and there is a striking absence of relevant metals, chemicals, or even public company experience. The current CEO has been a director of the Company since 2004 (in CEO role since 2011) and previously ran a document management company.

We believe stockholders deserve directors who collectively possess the objectivity, perspective and qualifications to lead a turnaround at Synalloy and ensure that all decisions are made in the best interests of stockholders.

We feel our nominees possess experience and capabilities that are far above those of the incumbent Board and we are very confident that the meaningful change we are proposing can best position Synalloy for significant long-term value creation for stockholders.

Vote to Strengthen Synalloy