S. Africa's local steel sales up

South Africa's domestic steel sales rose 27 percent year on year in May thanks to nation's growing economy. South African Iron & Steel Institute disclosed that the country's domestic steel sales rose from 372,400 metric tons in May 2005 to 473,300 metric tons in May 2006. On the other hand, exports fell 9.3 percent year on year from 264,700 metric tons to 240,000 metric tons during the same period. South African economic growth accelerated to an annualized 4.2 percent in the first quarter as the lowest interest rates and tax cuts spurred consumer spending. The nation's steelmakers earn more from local sales than exports.