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Updated: 1:58 a.m. Wednesday, March 24, 2010 | Posted: 1:58 a.m. Wednesday, March 24, 2010
Staff Report
WEST CHESTER TWP. — AK Steel Corp. announced Tuesday, March 23, that it will record a noncash charge of approximately $31 million in the first quarter of 2010 resulting from the recently enacted Patient Protection and Affordable Care Act.
The charge is due to 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. The company emphasized, however, that it expects to continue to receive Medicare Part D reimbursements and that the first-quarter charge attributable to this change is noncash in nature.
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