Synalloy Rite Cancel Deal To Combine Dye Businesses

Synalloy Corp., Spartanburg, reports the previously announced deal with Rite Industries Inc., High
Point, N.C., whereby Synalloys Blackman Uhler dye business and Rites dye business were to be
combined, is now highly unlikely. The original agreement stated the new company, Blackman Uhler
LLC, would be structured to offer a more diverse product line with stronger selling and technical
support capabilities. The two parties continue to investigate future potential transactions, but no
decisions or agreements have been reached at this time.

June 2003