In 2010, the company's operating income had fallen to $4.9 billion, with sales down 10 percent from the year earlier, and income down 50 percent as steel prices slumped. In 2011, the company began curtailing its European production to match the reduced demand for steel. It also sold Skyline Steel and Astralloy to a rival, Nucor, for $605 million. On 26 January 2011, the stainless steel division split off as a new company, Aperam. , due to overcapacity and reduced demand in Europe, it had idled 9 of 25 blast furnaces; in October 2012 it permanently shut down two blast furnaces at Florange, France. On 31 October 2012, the company reported a third-quarter loss of $709 million as compared to a $659 million profit for the same period a year ago, citing the slow down in China's economy. In 2012 ArcelorMittal had $22 billion of debt.