SECURITIES AND EXCHANGE COMMISSION

                             Washington, D.C. 20549

                            -------------------------

                                    FORM 8-K

                                 CURRENT REPORT

                     Pursuant to Section 13 or 15(d) of the
                         Securities Exchange Act of 1934

                  Date of Earliest Event Reported: May 15, 2003



                         THE HALLWOOD GROUP INCORPORATED

             (Exact name of registrant as specified in its charter)


            DELAWARE                       1-8303               51-0261339

(State or other jurisdiction of   (Commission File Number)    (IRS Employer
 incorporation or organization)                             Identification No.)



3710 Rawlins, Suite 1500
Dallas, Texas                                                     75219
--------------------------------------------------------------------------------
 (Address of principal executive offices)                       (Zip code)




Registrant's telephone number, including area code (214) 528-5588






                         THE HALLWOOD GROUP INCORPORATED

ITEM 9.  REGULATION FD DISCLOSURE

         This information set forth under "Item 9. Regulation FD Disclosure" is
intended to be furnished under "Item 12. Results of Operations and Financial
Condition" in accordance with SEC Release No. 33-8216.

         On May 15, 2003, The Hallwood Group Incorporated issued a press release
regarding its results of operations for the first quarter ended March 31, 2003.
A copy of this press release is attached hereto as Exhibit 99.1.

ITEM 12. DISCLOSURE OF RESULTS OF OPERATIONS AND FINANCIAL CONDITION



         See above.






                         THE HALLWOOD GROUP INCORPORATED

                                    SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned, thereunto duly authorized.

Dated:  May 16, 2003

                                     THE HALLWOOD GROUP INCORPORATED

                                     By:         /s/ Melvin J. Melle
                                               ---------------------------------
                                     Name:     Melvin J. Melle
                                     Title:    Vice President






                         THE HALLWOOD GROUP INCORPORATED

                                  EXHIBIT INDEX




EXHIBIT NUMBER         NAME
--------------         ----
                    
   99.1                Press Release Dated May 15, 2003, announcing the results of operations of the
                       registrant for the first quarter ended March 31, 2003.