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UPDATE 1-EU sets dumping duties on steel from Brazil, Russia

(Adds details on companies and tariffs)

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.

Among the companies subject to tariffs were the Brazil arms of ArcelorMittal and Aperam, both of which also produce in Europe, Companhia Siderugica Nacional , Usinas Siderugicas de Minas Gerais and Gerdau - at rates between 53.4 and 63.0 euros per tonne.

Iranian steel would be subject to a duty of 57.5 euros per tonne and Ukraine's Metinvest Group 60.5 euros.

Rates for Russia producers varied from 17.6 euros for PAO Severstal, 53.3 euros for Novolipetsk Steel to 96.5 euros per tonne for MMK.

The Commission also ended its investigation into Serbian steel imports without proposing measures. ($1 = 0.8553 euros) (Reporting by Philip Blenkinsop; editing by Robert-Jan Bartunek)