L.B. Foster Announces Dakota, Minnesota & Eastern Plans for Rail Line Extension

Dakota, Minnesota & Eastern Railroad to Seek $2.5 Billion Federal Loan

PITTSBURGH, Pa., Nov. 14 -- Pittsburgh-based L.B. Foster Company , announced today that the Dakota, Minnesota & Eastern Railroad (DM&E) has announced its application for a Federal Railroad Administration Loan package totaling approximately $2.5 billion to build and rehabilitate approximately 1,300 miles of railroad in four states.

The loan package is intended to fund four separate projects, the largest of which is a 900-mile project to extend the DM&E's line into the Wyoming Powder River Basin coal fields and upgrade existing lines to handle coal train traffic.

The L.B. Foster Company owns approximately 13.4% of the DM&E's diluted common shares.

The L.B. Foster Company is a leading manufacturer, fabricator and distributor of products for transportation, construction, utility and energy industries.