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

The net income of $1.9 million, or 2 cents per diluted share of common stock, for the first quarter of 2010. This compares to a net loss of $73.4 million, or 67 cents per diluted share, for the first quarter of 2009.

The 2010 first-quarter results include a non-cash charge of $25.3 million, or 23 cents per diluted share of common stock, 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, or 25 cents per diluted share.

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 company ended the first quarter of 2010 with $330 million of cash and $698 million of availability under its credit facility, for total liquidity of more than $1 billion.

The board of directors also declared Tuesday a quarterly cash dividend of 5 cents per share of common stock, payable on June 10, 2010, to shareholders of record on May 14, 2010.

The board also has authorized the company to make a $35 million contribution to its pension trust fund. The contribution will be made during the second quarter.

Combined with a $75 million contribution that was made during the first quarter, the $35 million contribution announced today will satisfy the company's pension funding obligation for 2010. The company reports that it has made more than $1.1 billion in pension contributions since 2005.