Inner Mongolia Baotou Steel Union (SHA:600010) expects to incur 67.2 million yuan in direct economic losses following a steel mill explosion on Jan. 18 that killed at least 10 people and injured 84 others, according to a Monday disclosure to the Shanghai bourse.
The probe, concluded Sunday, subjected seven personnel to "compulsory measures by judicial authorities," with two others to be transferred to judicial authorities for further processing.
Seventeen others would receive administrative penalties, of whom 14 would receive sanctions by the Communist Party, the steel mill said in its filing.
Long-term internal corrosion, high stress, and fatigue led to the leak that triggered the explosion, the probe found.
The steelmaker said production lines involved in the accident have since resumed operation. The related asset losses and personnel injuries are insured, and the insurance claims process is underway, the company added.
Shares rose nearly 1% during morning trading on Monday.