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EU sets dumping duties on steel from four countries

BRUSSELS, Oct 6 (Reuters) - The European Union has decided to set duties on hot-rolled steel from Brazil, Iran, Russia and Ukraine after a complaint by EU manufacturers that the product used for construction and machinery was being sold at excessively low prices.

The European Union will levy anti-dumping tariffs of between 17.6 and 96.5 euros ($20.6-112.8) per tonne from Saturday, the European Union's official journal said on Friday.

The European Commission had initially proposed setting a minimum price - of 472.27 euros per tonne - but revised its proposal after failing to secure backing from EU member states. ($1 = 0.8553 euros) (Reporting by Philip Blenkinsop; editing by Robert-Jan Bartunek)