<PAGE>
 

                                                                    EXHIBIT 24.1


                               POWER OF ATTORNEY
                               -----------------


     The undersigned, as a director and/or an officer of ABC Rail Products
Corporation (the "Company"), does hereby constitute and appoint Donald W.
Grinter and D. Chisholm MacDonald, and each of them, as his true and lawful
attorney-in-fact and agent, with full power of substitution and resubstitution,
for him and in his name, place and stead, in any and all capacities, to sign the
Company's Annual Report on Form 10-K for the fiscal year ended July 31, 1996 and
any and all amendments thereto, and to file the same, with exhibits and
schedules thereto, and other documents therewith, with the Securities and
Exchange Commission, granting unto said attorney-in-fact, full power and
authority to do and perform each and every act and thing necessary or desirable
to be done in and about the premises, as fully to all intents and purposes as he
might or could do in person, thereby ratifying and confirming all that said
attorney-in-fact, or his substitute, may lawfully do or cause to be done by
virtue hereof.

     IN WITNESS WHEREOF, I have hereunto set my hand this 25th day of September,
1996.



                                       /s/ Jean-Pierre M. Ergas
                                       ------------------------------
                                           Jean-Pierre M. Ergas
<PAGE>
 

                               POWER OF ATTORNEY
                               -----------------


     The undersigned, as a director and/or an officer of ABC Rail Products
Corporation (the "Company"), does hereby constitute and appoint Donald W.
Grinter and D. Chisholm MacDonald, and each of them, as his true and lawful
attorney-in-fact and agent, with full power of substitution and resubstitution,
for him and in his name, place and stead, in any and all capacities, to sign the
Company's Annual Report on Form 10-K for the fiscal year ended July 31, 1996 and
any and all amendments thereto, and to file the same, with exhibits and
schedules thereto, and other documents therewith, with the Securities and
Exchange Commission, granting unto said attorney-in-fact, full power and
authority to do and perform each and every act and thing necessary or desirable
to be done in and about the premises, as fully to all intents and purposes as he
might or could do in person, thereby ratifying and confirming all that said
attorney-in-fact, or his substitute, may lawfully do or cause to be done by
virtue hereof.

     IN WITNESS WHEREOF, I have hereunto set my hand this 25th day of September,
1996.



                                       /s/ Clarence E. Johnson
                                       ------------------------------
                                           Clarence E. Johnson
<PAGE>
 

                               POWER OF ATTORNEY
                               -----------------


     The undersigned, as a director and/or an officer of ABC Rail Products
Corporation (the "Company"), does hereby constitute and appoint Donald W.
Grinter and D. Chisholm MacDonald, and each of them, as his true and lawful
attorney-in-fact and agent, with full power of substitution and resubstitution,
for him and in his name, place and stead, in any and all capacities, to sign the
Company's Annual Report on Form 10-K for the fiscal year ended July 31, 1996 and
any and all amendments thereto, and to file the same, with exhibits and
schedules thereto, and other documents therewith, with the Securities and
Exchange Commission, granting unto said attorney-in-fact, full power and
authority to do and perform each and every act and thing necessary or desirable
to be done in and about the premises, as fully to all intents and purposes as he
might or could do in person, thereby ratifying and confirming all that said
attorney-in-fact, or his substitute, may lawfully do or cause to be done by
virtue hereof.

     IN WITNESS WHEREOF, I have hereunto set my hand this 25th day of September,
1996.



                                       /s/ James E. Martin
                                       ------------------------------
                                           James E. Martin
<PAGE>
 

                               POWER OF ATTORNEY
                               -----------------


     The undersigned, as a director and/or an officer of ABC Rail Products
Corporation (the "Company"), does hereby constitute and appoint Donald W.
Grinter and D. Chisholm MacDonald, and each of them, as his true and lawful
attorney-in-fact and agent, with full power of substitution and resubstitution,
for him and in his name, place and stead, in any and all capacities, to sign the
Company's Annual Report on Form 10-K for the fiscal year ended July 31, 1996 and
any and all amendments thereto, and to file the same, with exhibits and
schedules thereto, and other documents therewith, with the Securities and
Exchange Commission, granting unto said attorney-in-fact, full power and
authority to do and perform each and every act and thing necessary or desirable
to be done in and about the premises, as fully to all intents and purposes as he
might or could do in person, thereby ratifying and confirming all that said
attorney-in-fact, or his substitute, may lawfully do or cause to be done by
virtue hereof.

     IN WITNESS WHEREOF, I have hereunto set my hand this 25th day of September,
1996.



                                       /s/ George W. Peck IV
                                       ------------------------------
                                           George W. Peck IV
<PAGE>
 

                               POWER OF ATTORNEY
                               -----------------


     The undersigned, as a director and/or an officer of ABC Rail Products
Corporation (the "Company"), does hereby constitute and appoint Donald W.
Grinter and D. Chisholm MacDonald, and each of them, as his true and lawful
attorney-in-fact and agent, with full power of substitution and resubstitution,
for him and in his name, place and stead, in any and all capacities, to sign the
Company's Annual Report on Form 10-K for the fiscal year ended July 31, 1996 and
any and all amendments thereto, and to file the same, with exhibits and
schedules thereto, and other documents therewith, with the Securities and
Exchange Commission, granting unto said attorney-in-fact, full power and
authority to do and perform each and every act and thing necessary or desirable
to be done in and about the premises, as fully to all intents and purposes as he
might or could do in person, thereby ratifying and confirming all that said
attorney-in-fact, or his substitute, may lawfully do or cause to be done by
virtue hereof.

     IN WITNESS WHEREOF, I have hereunto set my hand this 25th day of September,
1996.



                                       /s/ Donald R. Gant
                                       ------------------------------
                                           Donald R. Gant