Recent x-ray absorption experiments have demonstrated the possibility to accurately monitor the magnetism of metallic hetero-structures controlled via a time-independent perturbation caused for example by a static electric field. Using a first-principles, non-equilibrium Green function scheme, we show how the measured dichroic signal for the corresponding steady-state situation can be related to the underlying electronic structure and its response to the external stimulus. The suggested approach works from the infinitesimal limit of linear response to the regime of strong electric field effects, which is realized in present experimental high sensitivity investigations.