BSU(SH:600010) Feng Huang Wang·2026-01-19 13:47Core Viewpoint - An explosion occurred at Baogang Steel's subsidiary, Inner Mongolia Baogang Steel Plate Factory, resulting in casualties and injuries, raising concerns about safety and operational integrity within the company [1][5][9]. Group 1: Incident Details - The explosion happened on January 18, causing 4 fatalities, 6 missing persons, and 84 injuries, with ongoing rescue efforts [1][3]. - A large steam ball tank, crucial for the steel production process, exploded due to suspected excessive steam pressure or potential equipment aging issues [5][6]. - The explosion's impact was felt up to 5 kilometers away, damaging nearby properties and disrupting train services [4][9]. Group 2: Company Background - Baogang Steel, established in 1954, is a major player in China's steel industry, with total assets exceeding 220 billion yuan and over 51,000 employees [7]. - The steel plate business is vital for Baogang, contributing 34.43 billion yuan in revenue in 2024, representing a significant portion of the company's total income [8]. Group 3: Safety Record and Financial Impact - The company has a troubling safety record, with 20 reported accidents from 2016 to 2022, resulting in 28 deaths, indicating systemic safety management issues [8]. - Following the explosion, Baogang's stock price dropped by 5.20%, leading to a market value loss of approximately 5.9 billion yuan [9].