By year-end, we will have transformed the balance sheet by repaying over $3 billion of debt, achieving our deleveraging target ahead of schedule.
We expect to have total liquidity of approximately $5 billion, creating the foundation to confidently execute our strategy and invest in our competitive advantages and we will have put the business in position to deliver another strong year in 2022.
With revenues of nearly $6 billion in the quarter, the quality of our earnings demonstrates a business model that is increasingly built upon capability and cost differentiation.
We are finalizing an agreement with a strategic partner to produce up to 500,000 tons annually of pig iron at Gary Works.
We expect the value-added capabilities of mini mill number two to drive an approximately $650 million of incremental EBITDA contribution from this investment once fully ramped.
This line will have 325,000 tons of annual capability and will sustainably produce both Galvalum and galvanized product.
We expect the investment to contribute another $60 million of annual run rate EBITDA to Big Rivers already industry-leading results.
We expect the line to produce a mix of 75% Galvalum and 25% hot-dip galvanizing.
When we closed on the Big River Steel acquisition at the start of the year, we carried $7 billion of debt and expect to end the year with $3.9 billion.
Weve extended the maturity profile and expect next years run rate cash interest expense to be approximately $225 million.
Reinstating the $0.05 per share quarterly dividend and moving quickly on a $300 million stock buyback demonstrates our commitment to ensuring our strategy is indeed best for all.
In addition, the option for Stelco to acquire 25% of Minntac remains in place through January of 2027 and presents an opportunity to return up to $500 million of incremental capital to stockholders.
We delivered adjusted EBITDA and EBITDA margin of over $2 billion and 34%, respectively.
This represents a nearly $750 million or a 58% increase over the second quarter.
Adjusted earnings per share in the quarter was $5.36 per diluted share.
We also generated approximately $1.3 billion of free cash flow in the quarter, including a $400 million investment in working capital.
Year-to-date, we have repaid approximately $2.7 billion of debt and expect to end the year with $3.9 billion of debt on the balance sheet, an amount we are confident is sustainable and supports the investments we are making in our business.
We ended the quarter with net debt to last 12 months EBITDA of 0.6 times and expect to end the year at 0.2 times.
With the balance sheet strengthened, 80% of our remaining debt due in 2029 and beyond and a fully funded pension plan, we are well positioned for a future of value creation.
Our Flat-Rolled segment delivered record EBITDA and EBITDA margin of over $1.1 billion and 32%, respectively.
This represents an approximately 60% improvement versus the second quarter.
Third quarter EBITDA was $464 million or an industry-leading 42% EBITDA margin.
We currently expect the fourth quarter to be another record for our mini mill segment, potentially exceeding $500 million of EBITDA in the fourth quarter.
EBITDA was $418 million in the quarter or 33% EBITDA margin.
This will remove approximately 250,000 tons of lost steel equivalent capacity from the market in the fourth quarter.
We are executing a robust contract process with customers, in most instances, having begun discussions 90 days sooner than we have historically.
Weve also listened to our customers and in some instances, have signed agreements beyond 12 months.

Summary:
Adjusted earnings per share in the quarter was $5.36 per diluted share.