22NW updates 9.8% stake in L.B. Foster

22NW Fund and related entities amended their Schedule 13D on L.B.

Rhea-AI Filing Summary

22NW Fund and related entities amended their Schedule 13D on L.B. Foster common stock, reporting beneficial ownership of 1,005,022 shares, or about 9.8%, based on 10,307,374 shares outstanding as of February 27, 2026.

22NW Fund directly holds 1,004,117 shares, with 22NW, 22NW Fund GP, 22NW GP, Inc. and Aron R. English each deemed to beneficially own that stake through their roles. Mr. English also directly owns 905 shares, and Bryson O. Hirai-Hadley directly owns 991 shares.

The filing notes 22NW Fund purchased its 1,004,117 shares for approximately $13,133,850 using working capital, while Mr. English and Mr. Hirai-Hadley bought their personal holdings for about $10,000 and $15,195, respectively. Recent trades over the past 60 days are detailed in an attached transaction exhibit.

Key Figures

22NW Fund shares owned: 1,004,117 shares 22NW Fund ownership percentage: 9.7% Total group beneficial ownership: 1,005,022 shares +5 more

8 metrics

22NW Fund shares owned 1,004,117 shares Directly beneficially owned by 22NW Fund as of amendment

22NW Fund ownership percentage 9.7% Portion of L.B. Foster common shares outstanding

Total group beneficial ownership 1,005,022 shares Shares attributed to Aron R. English including 22NW Fund stake

Group ownership percentage 9.8% Based on 10,307,374 shares outstanding as of February 27, 2026

Shares outstanding 10,307,374 shares L.B. Foster common stock outstanding as of February 27, 2026

22NW Fund purchase cost $13,133,850 Aggregate price for 1,004,117 shares, excluding commissions

English direct purchase cost $10,000 Aggregate price for 905 directly owned shares, excluding commissions

Hirai-Hadley purchase cost $15,195 Aggregate price for 991 directly owned shares, excluding commissions

Key Terms

beneficially owned, Schedule 13D, working capital, margin loans, +2 more

6 terms

beneficially owned financial

"The aggregate purchase price of the 1,004,117 Shares beneficially owned by 22NW Fund"

Beneficially owned describes securities or assets where a person has the economic rights and control—such as the right to receive dividends and to direct voting—even if legal title is held in another name. Think of it like having the keys and using a car that’s registered to someone else: you get the benefits and make decisions. Investors care because beneficial ownership reveals who truly controls value and voting power, affecting corporate decisions and takeover dynamics.

Schedule 13D regulatory

"If the filing person has previously filed a statement on Schedule 13G to report the acquisition"

A Schedule 13D is a legal document that investors file with regulators when they buy a large enough stake in a company to potentially influence its management or decisions. It provides details about the investor’s intention, ownership stake, and plans, helping other investors understand who is gaining control and what their motives might be.

working capital financial

"The Shares purchased by 22NW Fund were purchased with working capital"

Working capital is the money a business has available to cover its daily expenses, like paying bills and buying supplies. It’s like the cash in your wallet that helps you handle everyday costs; having enough ensures the business can operate smoothly without running into money shortages.

margin loans financial

"which may, at any given time, include margin loans made by brokerage firms"

Margin loans are loans from a brokerage that let an investor borrow money using their existing stocks, bonds or cash as collateral to buy more securities. They matter because borrowing magnifies both gains and losses—like using a lever to move a heavier load—so small market moves can have outsized effects on your returns; investors also pay interest and risk a margin call, where the broker may force sales if collateral falls below required levels.

open market financial

"All of such transactions were effected in the open market unless otherwise noted therein"

An open market is a system where buying and selling of goods, services, or financial assets happen freely without restrictions or special controls. For investors, it means they can trade assets easily and quickly, which helps determine fair prices based on supply and demand. This environment encourages transparency and competition, making it easier to buy or sell with confidence.

dispositive power financial

"Sole Dispositive Power 1,004,117.00"

Dispositive power is the authority to decide the final outcome of an asset, legal claim, contract, or corporate action — in effect the power to dispose of or resolve something. For investors it matters because whoever holds that authority can determine who gets paid, who controls an asset or vote, and how risks and returns are allocated; think of it like holding the key that lets you lock in the winner or loser in a deal.

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What ownership stake in FSTR does 22NW report in this Schedule 13D/A?

22NW Fund reports beneficial ownership of 1,004,117 L.B. Foster shares, about 9.7% of outstanding stock. Including shares attributed through control relationships and Mr. English’s direct holdings, the group reports 1,005,022 shares, or roughly 9.8% of the company.

How many L.B. Foster (FSTR) shares are outstanding in this filing?

The filing states L.B. Foster has 10,307,374 common shares outstanding as of February 27, 2026. This figure comes from the company’s Form 10-K and is used to calculate the percentage ownership reported by 22NW and the other reporting persons.

How much did 22NW pay for its FSTR stake according to the amendment?

22NW Fund purchased its 1,004,117 L.B. Foster shares for an aggregate of approximately $13,133,850, excluding brokerage commissions. The filing notes these purchases were funded with working capital, which may include margin loans from brokerage firms in the ordinary course of business.

What are Aron R. English’s direct and indirect FSTR holdings?

Aron R. English directly owns 905 L.B. Foster shares, purchased for about $10,000. He may also be deemed to beneficially own the 1,004,117 shares held by 22NW Fund through his roles at 22NW, 22NW Fund GP, and 22NW GP, Inc., totaling 1,005,022 shares.

Who is Bryson O. Hirai-Hadley and what is his FSTR ownership?

Bryson O. Hirai-Hadley is listed as a reporting person who directly beneficially owns 991 L.B. Foster shares. These shares were acquired using personal funds, with an aggregate purchase price of approximately $15,195, excluding brokerage commissions, representing about 0.01% of outstanding shares.

How were the recent FSTR share transactions by 22NW executed?

The amendment explains that transactions in L.B. Foster shares by the reporting persons during the past 60 days are listed in an exhibit. It states that all such trades were executed in the open market unless otherwise noted in that transaction schedule attached as Exhibit 1.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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Accepted by SEC EDGAR 04/02/2026 - 08:25 PM Learn about SEC filing dates

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13D

Under the Securities Exchange Act of 1934

(Amendment No. 5)

FOSTER L B CO

(Name of Issuer)

Common Stock, par value $0.01 per share

(Title of Class of Securities)

350060109

(CUSIP Number)

ARON R. ENGLISH
22NW, LP, 590 1st Ave. S, Unit C1
Seattle, WA, 98104
206-227-3078

RYAN NEBEL
OLSHAN FROME WOLOSKY LLP, 1325 Avenue of the Americas
New York, NY, 10019
212-451-2300

(Name, Address and Telephone Number of Person Authorized to Receive Notices and Communications)

03/26/2026

(Date of Event Which Requires Filing of This Statement)

If the filing person has previously filed a statement on Schedule 13G to report the acquisition that is the subject of this Schedule 13D, and is filing this schedule because of §§ 240.13d-1(e), 240.13d-1(f) or 240.13d-1(g), check the following box.

The information required on the remainder of this cover page shall not be deemed to be "filed" for the purpose of Section 18 of the Securities Exchange Act of 1934 ("Act") or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act (however, see the Notes).

schemaVersion:

SCHEDULE 13D

CUSIP Number(s): 350060109

1

Name of reporting person

22NW Fund, LP

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

WC

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 1,004,117.00
8	Shared Voting Power 0.00
9	Sole Dispositive Power 1,004,117.00
10	Shared Dispositive Power 0.00

11

Aggregate amount beneficially owned by each reporting person

1,004,117.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

9.7 %

14

Type of Reporting Person (See Instructions)

PN

SCHEDULE 13D

CUSIP Number(s): 350060109

1

Name of reporting person

22NW, LP

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

OO

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 1,004,117.00
8	Shared Voting Power 0.00
9	Sole Dispositive Power 1,004,117.00
10	Shared Dispositive Power 0.00

11

Aggregate amount beneficially owned by each reporting person

1,004,117.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

9.7 %

14

Type of Reporting Person (See Instructions)

PN

SCHEDULE 13D

CUSIP Number(s): 350060109

1

Name of reporting person

22NW Fund GP, LLC

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

OO

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 1,004,117.00
8	Shared Voting Power 0.00
9	Sole Dispositive Power 1,004,117.00
10	Shared Dispositive Power 0.00

11

Aggregate amount beneficially owned by each reporting person

1,004,117.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

9.7 %

14

Type of Reporting Person (See Instructions)

OO

SCHEDULE 13D

CUSIP Number(s): 350060109

1

Name of reporting person

22NW GP, Inc.

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

OO

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 1,004,117.00
8	Shared Voting Power 0.00
9	Sole Dispositive Power 1,004,117.00
10	Shared Dispositive Power 0.00

11

Aggregate amount beneficially owned by each reporting person

1,004,117.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

9.7 %

14

Type of Reporting Person (See Instructions)

CO

SCHEDULE 13D

CUSIP Number(s): 350060109

1

Name of reporting person

English Aron R.

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

PF, OO

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

UNITED STATES

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 1,005,022.00
8	Shared Voting Power 0.00
9	Sole Dispositive Power 1,005,022.00
10	Shared Dispositive Power 0.00

11

Aggregate amount beneficially owned by each reporting person

1,005,022.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

9.8 %

14

Type of Reporting Person (See Instructions)

IN

SCHEDULE 13D

CUSIP Number(s): 350060109

1

Name of reporting person

Hirai-Hadley Bryson

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

PF

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

UNITED STATES

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 991.00
8	Shared Voting Power 0.00
9	Sole Dispositive Power 991.00
10	Shared Dispositive Power 0.00

11

Aggregate amount beneficially owned by each reporting person

991.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

0.01 %

14

Type of Reporting Person (See Instructions)

IN

SCHEDULE 13D

Item 1.	Security and Issuer
(a)	Title of Class of Securities: Common Stock, par value $0.01 per share
(b)	Name of Issuer: FOSTER L B CO
(c)	Address of Issuer's Principal Executive Offices: 415 HOLIDAY DR, PITTSBURGH, PENNSYLVANIA , 15220.
Item 3.	Source and Amount of Funds or Other Consideration
	Item 3 is hereby amended and restated to read as follows: The Shares purchased by 22NW Fund were purchased with working capital (which may, at any given time, include margin loans made by brokerage firms in the ordinary course of business). The aggregate purchase price of the 1,004,117 Shares beneficially owned by 22NW Fund is approximately $13,133,850, excluding brokerage commissions. The Shares directly owned by Mr. English were purchased with personal funds (which may, at any given time, include margin loans made by brokerage firms in the ordinary course of business). The aggregate purchase price of the 905 Shares directly owned by Mr. English is approximately $10,000, excluding brokerage commissions. The Shares directly owned by Mr. Hirai-Hadley were purchased with personal funds (which may, at any given time, include margin loans made by brokerage firms in the ordinary course of business). The aggregate purchase price of the 991 Shares directly owned by Mr. Hirai-Hadley is approximately $15,195, excluding brokerage commissions.
Item 5.	Interest in Securities of the Issuer
(a)	Item 5(a) is hereby amended and restated to read as follows: The aggregate percentage of Shares reported owned by each person named herein is based upon 10,307,374 Shares outstanding as of February 27, 2026, which is the total number of Shares outstanding as reported in the Issuer's annual report on Form 10-K filed with the Securities and Exchange Commission on March 5, 2026. As of the date hereof, 22NW Fund directly beneficially owned 1,004,117 Shares, constituting approximately 9.7% of the Shares outstanding. As of the date hereof, Mr. English directly beneficially owned 905 Shares, constituting approximately 0.01% of the Shares outstanding. As of the date hereof, Mr. Hirai-Hadley directly beneficially owned 991 Shares, constituting approximately 0.01% of the Shares outstanding. 22NW, as the investment manager of 22NW Fund, may be deemed to beneficially own the 1,004,117 Shares owned by 22NW Fund, constituting approximately 9.7% of the Shares outstanding. 22NW GP, as the general partner of 22NW Fund, may be deemed to beneficially own the 1,004,117 Shares owned by 22NW Fund, constituting approximately 9.7% of the Shares outstanding. 22NW Inc., as the general partner of 22NW, may be deemed to beneficially own the 1,004,117 Shares owned by 22NW Fund, constituting approximately 9.7% of the Shares outstanding. Mr. English, as the Portfolio Manager of 22NW, Manager of 22NW GP and President and sole shareholder of 22NW Inc., may be deemed to beneficially own the 1,004,117 Shares owned by 22NW Fund, which, together with the Shares he directly beneficially owns, constitutes an aggregate of 1,005,022 Shares, constituting approximately 9.8% of the Shares outstanding.
(c)	Item 5(c) is hereby amended and restated to read as follows: The transactions in the Shares by the Reporting Persons during the past 60 days are set forth in Exhibit 1 and are incorporated herein by reference. All of such transactions were effected in the open market unless otherwise noted therein.
Item 7.	Material to be Filed as Exhibits.
	Item 7 is hereby amended to add the following exhibit: 1 - Transactions in Securities.

SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

22NW Fund, LP

Signature:	/s/ Aron R. English
Name/Title:	Aron R. English, Manager of 22NW Fund GP, LLC, General Partner
Date:	04/02/2026

22NW, LP

Signature:	/s/ Aron R. English
Name/Title:	Aron R. English, President and Sole Shareholder of 22NW GP, Inc., General Partner
Date:	04/02/2026

22NW Fund GP, LLC

Signature:	/s/ Aron R. English
Name/Title:	Aron R. English, Manager
Date:	04/02/2026

22NW GP, Inc.

Signature:	/s/ Aron R. English
Name/Title:	Aron R. English, Manager
Date:	04/02/2026

English Aron R.

Signature:	/s/ Aron R. English
Name/Title:	Aron R. English
Date:	04/02/2026

Hirai-Hadley Bryson

Signature:	/s/ Bryson O. Hirai-Hadley
Name/Title:	Bryson O. Hirai-Hadley
Date:	04/02/2026