-----BEGIN PRIVACY-ENHANCED MESSAGE-----
Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
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MIC-Info: RSA-MD5,RSA,
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 HsYhvnBmI+gTbk3iVx88Qw==

<SEC-DOCUMENT>0000898080-03-000610.txt : 20031224
<SEC-HEADER>0000898080-03-000610.hdr.sgml : 20031224
<ACCEPTANCE-DATETIME>20031224153827
ACCESSION NUMBER:		0000898080-03-000610
CONFORMED SUBMISSION TYPE:	4
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20031223
FILED AS OF DATE:		20031224

ISSUER:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			DYNAMIC MATERIALS CORP
		CENTRAL INDEX KEY:			0000034067
		STANDARD INDUSTRIAL CLASSIFICATION:	MISCELLANEOUS PRIMARY METAL PRODUCTS [3390]
		IRS NUMBER:				840608431
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	BUSINESS ADDRESS:	
		STREET 1:		5405 SPINE ROAD
		CITY:			BOULDER
		STATE:			CO
		ZIP:			80301
		BUSINESS PHONE:		3036655700

	MAIL ADDRESS:	
		STREET 1:		5405 SPINE ROAD
		CITY:			BOULDER
		STATE:			CO
		ZIP:			80301

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	EXPLOSIVE FABRICATORS INC
		DATE OF NAME CHANGE:	19920703

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			MORGENTHALER GEORGE W
		CENTRAL INDEX KEY:			0001187714

	FILING VALUES:
		FORM TYPE:		4
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-14775
		FILM NUMBER:		031073867

	BUSINESS ADDRESS:	
		STREET 1:		2800 N. LAKERIDGE TRAIL
		CITY:			BOULDER
		STATE:			CO
		ZIP:			80302
		BUSINESS PHONE:		3039399585

	MAIL ADDRESS:	
		STREET 1:		2800 N. LAKERIDGE TRAIL
		CITY:			BOULDER
		STATE:			CO
		ZIP:			80302
</SEC-HEADER>
<DOCUMENT>
<TYPE>4
<SEQUENCE>1
<FILENAME>edgar644_06833form4ex.xml
<TEXT>
<XML>
<?xml version="1.0"?>
<!-- - EDGAR Ease Plus 1.0                                   07/25/03  TT    -->
<ownershipDocument>
    <schemaVersion>X0201</schemaVersion>

    <documentType>4</documentType>
   <periodOfReport>2003-12-23</periodOfReport>
   <notSubjectToSection16>0</notSubjectToSection16>
    <issuer>
        <issuerCik>0000034067</issuerCik>
        <issuerName>DYNAMIC MATERIALS CORP</issuerName>
        <issuerTradingSymbol>BOOM</issuerTradingSymbol>
   </issuer>
   <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001187714</rptOwnerCik>
            <rptOwnerName>MORGENTHALER GEORGE W</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>C/O DYNAMIC MATERIALS CORPORATION</rptOwnerStreet1>
            <rptOwnerStreet2>5405 SPINE ROAD</rptOwnerStreet2>
            <rptOwnerCity>BOULDER</rptOwnerCity>
            <rptOwnerState>CO</rptOwnerState>
            <rptOwnerZipCode>80301</rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
        </reportingOwnerAddress>
            <reportingOwnerRelationship>
         <isDirector>1</isDirector>
         <isOfficer>0</isOfficer>
         <isTenPercentOwner>0</isTenPercentOwner>
         <isOther>0</isOther>
      </reportingOwnerRelationship>
   </reportingOwner>
 <nonDerivativeTable>
   <nonDerivativeTransaction>
      <securityTitle>
         <value>Common Stock</value>
      </securityTitle>
      <transactionDate>
         <value>2003-12-23</value>
      </transactionDate>
      <transactionCoding>
         <transactionFormType>4</transactionFormType>
         <transactionCode>M</transactionCode>
         <equitySwapInvolved>0</equitySwapInvolved>
      </transactionCoding>
      <transactionAmounts>
         <transactionShares>
           <value>5000</value>
         </transactionShares>
         <transactionPricePerShare>
           <value>2.250</value>
         </transactionPricePerShare>
         <transactionAcquiredDisposedCode>
           <value>A</value>
         </transactionAcquiredDisposedCode>
      </transactionAmounts>
      <postTransactionAmounts>
         <sharesOwnedFollowingTransaction>
           <value>92778</value>
         </sharesOwnedFollowingTransaction>
      </postTransactionAmounts>
      <ownershipNature>
         <directOrIndirectOwnership>
            <value>D</value>
         </directOrIndirectOwnership>
      </ownershipNature>
   </nonDerivativeTransaction>
 </nonDerivativeTable>
 <derivativeTable>
   <derivativeTransaction>
      <securityTitle>
         <value>Non-Qualified Stock Option (right to buy)</value>
      </securityTitle>
      <conversionOrExercisePrice>
         <value>2.250</value>
      </conversionOrExercisePrice>
      <transactionDate>
         <value>2003-12-23</value>
      </transactionDate>
      <transactionCoding>
         <transactionFormType>4</transactionFormType>
         <transactionCode>M</transactionCode>
         <equitySwapInvolved>0</equitySwapInvolved>
      </transactionCoding>
      <transactionAmounts>
         <transactionShares>
           <value>5000</value>
         </transactionShares>
         <transactionPricePerShare>
           <value>0</value>
         </transactionPricePerShare>
         <transactionAcquiredDisposedCode>
           <value>D</value>
         </transactionAcquiredDisposedCode>
      </transactionAmounts>
      <exerciseDate>
         <value>2003-09-12</value>
      </exerciseDate>
      <expirationDate>
         <value>2012-09-12</value>
      </expirationDate>
      <underlyingSecurity>
         <underlyingSecurityTitle>
           <value>Common Stock</value>
         </underlyingSecurityTitle>
         <underlyingSecurityShares>
           <value>5000</value>
         </underlyingSecurityShares>
      </underlyingSecurity>
      <postTransactionAmounts>
         <sharesOwnedFollowingTransaction>
           <value>0</value>
         </sharesOwnedFollowingTransaction>
      </postTransactionAmounts>
      <ownershipNature>
         <directOrIndirectOwnership>
           <value>D</value>
         </directOrIndirectOwnership>
      </ownershipNature>
   </derivativeTransaction>
 </derivativeTable>
   <ownerSignature>
      <signatureName>/s/ Richard A. Santa for George W. Morgenthaler</signatureName>
      <signatureDate>2003-12-24</signatureDate>
   </ownerSignature>
</ownershipDocument>

</XML>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
-----END PRIVACY-ENHANCED MESSAGE-----