L.B. Foster Company Announces Stock Repurchase Authorization and Quarterly Dividend

PITTSBURGH, May 23, 2011 -

The L.B. Foster Company (NASDAQ: FSTR) announced that its Board of
Directors authorized the repurchase of up to $25 million of its common shares
until December 31, 2013 at which time this authorization will expire. The
timing and volume of these share repurchases will be at the discretion of
management. The last share repurchase authorization expired on December 31,
2010.

(Logo: photos.prnewswire.com/prnh/20101222/MM21387LOGO )

The Board also declared a $0.025 per share quarterly cash dividend on its
issued and outstanding shares of common stock, payable June 24, 2011 to
shareholders of record at the close of business on June 10, 2011. There are
currently approximately 10.3 million shares outstanding.

L.B. Foster Company is a leading manufacturer, fabricator, and
distributor of products for the rail, construction, utility and energy
markets with locations in North America and Europe.

This release may contain forward-looking statements that involve risks
and uncertainties. Actual results could differ materially from the results
anticipated in any forward-looking statement. Factors that could cause or
contribute to these material differences include, but are not limited to, an
economic slowdown in the markets we serve; a decrease in freight or passenger
rail traffic; a lack of state or federal funding for new infrastructure
projects; an increase in manufacturing or material costs; and other factors
contained in the Company's filings with the Securities and Exchange
Commission. There are no assurances that the announced share repurchase will
be executed in whole or in part or that the dividend will continue on a
quarterly basis should known or unknown factors negatively impact the
financial position of the Company.

    Contact:
    David Russo     Phone: +1-412-928-3417              L.B. Foster
                    Email: Investors@Lbfosterco.com     415 Holiday Drive
                    Website: www.lbfoster.com    Pittsburgh, PA  15220

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