WEST CHESTER, Ohio — AK Steel made money in the first quarter of 2010, the company's board of directors announced today.

The net income of $1.9 million compares to a net loss of $73.4 million for the first quarter of 2009.

The 2010 first-quarter results include a noncash charge of $25.3 million related to federal health care legislation signed into law in March. The charge reflects a reduction in the value of the company's deferred tax asset as a result of a change to the tax treatment of Medicare Part D reimbursements contained within the health care reform law. Excluding the effect of the special charge, net income was $27.2 million.

Net sales for the first quarter of 2010 were $1,405.7 million on shipments of 1,385,800 tons, compared to net sales of $922.2 million on shipments of 778,800 tons for the year-ago first quarter.

The board of directors also declared a quarterly cash dividend of 5 cents per share of common stock, payable on June 10, to shareholders of record May 14.