BRUSSELS (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 (£15.7 - £86.4) 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 (AS:MT) and Aperam (AS:APAM), both of which also produce in Europe, Companhia Siderugica Nacional (SA:CSNA3), Usinas Siderugicas de Minas Gerais (SA:USIM5) and Gerdau (SA:GGBR4) - 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 [METIV.UL] 60.5 euros.
Rates for Russia producers varied from 17.6 euros for PAO Severstal (MM:CHMF), 53.3 euros for Novolipetsk Steel (MM:NLMK) to 96.5 euros per tonne for MMK (MM:MAGN).
The Commission also ended its investigation into Serbian steel imports without proposing measures.