Five dead, two injured in South Korean rocket propellant plant explosion

Five individuals died and two were injured following an explosion and subsequent fire at a Hanwha Aerospace factory in Daejeon, South Korea. The incident occurred Monday on a production line manufacturing rocket propellant, officials confirmed.

The two survivors, one of whom sustained severe burns, managed to escape the facility on their own. Authorities stated that the bodies of the deceased were too severely damaged to be immediately identified. A fire official indicated that an explosion triggered the blaze, but the precise cause remains under investigation.

Shares of Hanwha Aerospace saw a decline of 2.8% in afternoon trading, while its holding company, Hanwha Corp, experienced a 3.4% drop. The blast reportedly happened while water was being used to clean explosive materials from tools used in rocket propellant production, according to a Hanwha official.

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Authorities have yet to identify the victims because their bodies were severely damaged.

Chief Executive Officer Son Jae-il issued an apology to the victims and their families, pledging complete cooperation with authorities to ascertain the cause of the accident. The company confirmed that the five fatalities included two temporary workers in their 20s, all employed by Hanwha.

Hanwha Aerospace is a defense and aerospace company with its Daejeon facility specializing in large propulsion engines and rocket propellants. Officials were unable to access the factory's layout due to its classification under national security laws. South Korean President Lee Jae-myung called for the full mobilization of resources to address the accident and urged a thorough investigation.

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We bow our heads in apology to the victims and their bereaved families.