UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION
                             WASHINGTON, D.C. 20549



                                  SCHEDULE 13G


                   UNDER THE SECURITIES EXCHANGE ACT OF 1934

                              (AMENDMENT NO.   )*

                                 Foster LB Co.
                          ---------------------------
                               (Name of Issuer)

                                     CL A
                          ---------------------------
                        (Title of Class of Securities)

                                  350060-10-9
                          ---------------------------
                                (CUSIP Number)


*The remainder of this cover page shall be filled out for a reporting person's
initial filing on this form with respect to the subject class of securities, and
for any subsequent amendment containing information which would alter the
disclosures provided in a prior cover page.

The information required in 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).

                               PAGE 1 OF 6 PAGES

 
CUSIP NO. 350060-10-9                 13G                      Page 2 of 6 pages
- ---------------------                                          -----------------
 
- --------------------------------------------------------------------------------
         1           NAME OF REPORTING PERSON S.S. or I.R.S.
                     IDENTIFICATION NO. OF ABOVE PERSON
                     U.S. Bancorp
                     601 2nd Ave. South
                     Minneapolis, MN  55402-4302
                     Tax I.D. No.:  41-0255900
- --------------------------------------------------------------------------------
         2           CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
 
                                                                     (a) / /
                                                                     (b) / / 
- --------------------------------------------------------------------------------
         3           SEC USE ONLY
- --------------------------------------------------------------------------------
         4           CITIZENSHIP OR PLACE OF ORGANIZATION
 
                     Delaware, U.S.A.
- --------------------------------------------------------------------------------
 
                            5  SOLE VOTING POWER
 
     NUMBER OF                 528,766
                   -------------------------------------------------------------
      SHARES                6  SHARED VOTING POWER
   BENEFICIALLY
     OWNED BY                  0
                   -------------------------------------------------------------
       EACH                 7  SOLE DISPOSITIVE POWER
     REPORTING
      PERSON                   469,766
                   -------------------------------------------------------------
       WITH                 8  SHARED DISPOSITIVE POWER
 
                               1,000
- --------------------------------------------------------------------------------
         9           AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING 
                     PERSON
 
                     528,766
- --------------------------------------------------------------------------------
        10           CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES 
                     CERTAIN SHARES*

- --------------------------------------------------------------------------------
        11           PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
 
                     5.26%
- --------------------------------------------------------------------------------
        12           TYPE OF REPORTING PERSON*
 
                     H.C.
- --------------------------------------------------------------------------------

                      SEE INSTRUCTION BEFORE FILLING OUT!

 
                                                               Page 3 of 6 pages

Item 1
- ------

              a.  Name of Issuer:
                  -------------- 

                  Foster LB Co.

              b.  Address of Issuer's Principal Executive Offices:
                  ----------------------------------------------- 

                  Foster LB Co.
                  415 Holiday Drive
                  Pittsburgh, PA  15220-2793
         
Item 2
- ------

              a.  Name of Person Filing:
                  --------------------- 
              
                  U.S. Bancorp

              b.  Address of Person's Filing Principal Executive Offices:
                  ------------------------------------------------------ 
              
                  601 2nd Ave South
                  Minneapolis, MN  55402-4302
                  United States
          
              c.  Title of Class of Securities:
                  ---------------------------- 
              
                  CL A

              d.  CUSIP Number:
                  ------------ 
                
                  350060-10-9

Item 3
- ------

                  The person filing this statement is a:
                  (g) [x] Parent Holding Company

Item 4
- ------

         Ownership:
         --------- 
     a.  Amount beneficially owned:                                 528,766
     b.  Percentage of Class:                                          5.26%
     c.  Number of shares as to which such person has:          
                                                                
         1.  Sole power to vote or direct the vote:                 528,766
         2.  Shared power to vote or direct vote:                         0
         3.  Sole power to dispose or direct the disposition:       469,766
         4.  Shared power to dispose or direct the disposition:       1,000

Item 5
- ------
 
Ownership of Five Percent or less of Class:    (  )
- ---------------------------------------------

 
                                                                     Page 4 of 6

Item 6
- ------

          Ownership of More Than Five Percent on Behalf of Another Person:
          ----------------------------------------------------------------

          Other accounts or persons have the right to receive or the power to
          direct the receipt of dividends from, or the proceeds from the sale
          of, remaining shares reported in this filing. To our knowledge no such
          other interest of any account or person relates to more than 5% of the
          class.

Item 7
- ------

          Identification and Classification of Members of the Subsidiary which
          --------------------------------------------------------------------
          Acquired the Security Being Reported on by Parent Holding Company
          -----------------------------------------------------------------

          See Exhibit A

Item 8
- ------

          Identification and Classification of Members of the Group:
          ----------------------------------------------------------

          Not Applicable

Item 9
- ------

          Notice of Dissolution of Group:
          -------------------------------

          Not Applicable

Item 10
- -------

          Certification
          -------------

By signing below I certify that, to the best of my knowledge and belief, the
securities referred to above were acquired in the ordinary course of business
and were not acquired for the purpose of and do not have the effect of changing
or influencing the control of the issuer of such securities and were not
acquired in connection with or as a participant in any transaction having such
purposes or effect.


                                   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.


Dated:  February 9, 1998



/s/ Merita Schollmeier
- ---------------------------
Merita Schollmeier
Vice President

 
                                                                     Page 5 of 6

                       SECURITIES AND EXCHANGE COMMISSION
                             Washington D. C. 20549

                                  SCHEDULE 13G
                   Under the Securities Exchange Act of 1934

                                   EXHIBIT A

The Schedule to which this attachment is appended is filed on behalf of the
following subsidiary or subsidiaries listed below, which are classified as banks
for the purposes of 17 CFR 140.13d-1 (b) (ii) (B).


U.S. Bank National Association                  First Trust National Association
601 2nd Avenue South                            180 East Fifth Street, Suite 200
Minneapolis, MN 55402                           St. Paul, Minnesota 55101

 
                                                                     Page 6 of 6

                       SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549

                                  SCHEDULE 13G

                             EXHIBIT B - DISCLAIMER

Information on the attached Schedule 13G is provided solely for the purpose of
complying with Section 13(d) and 13(g) of the Securities Exchange Act of 1934
and Regulations promulgated under authority thereof and is not intended as an
admission that U.S. Bancorp or any of its subsidiaries, is a beneficial owner of
the securities described herein for any other purpose (including without
limitation for purposes of the Minnesota Control Share Acquisition Act).