I'm a long-time shareholder, and my sense is that LUK is struggling to deploy cash.
Sure, it's great to pay back high interest-rate debt. But they sold a big position in FMG to pay down the debt. LUK must believe that the FMG common investment has limited upside. Otherwise, they wouldn't have sold it to pay down 7.5% debt (7.5% roughly the weighted average).
Maybe LUK comes out with a better credit rating and that helps lock down new financing at a lower cost (sub 7.5%).
But they haven't been getting much done lately. And we continue to be stuck in this weird cycle: a bull stock market built on weak economic fundamentals. It just doesn't feel like LUK has many good options at the moment.