The explosion took place in Phase-II labour colony of the company at Meramundali area early this morning, Sub-divisional Police Officer Ajay Pratap Swain said.
The deceased were identified as Santosh Kewat (35), Bijay Choudhary (34) and Chandrasekhar Kewat (33) of Bokaro district in Jharkhand, Swain said.
All the injured have been shifted to a private hospital at Cuttack where condition of one of them is stated to be critical.
Meanwhile, the company management has decided to provide compensation of Rs 8 lakh to each of the families of the deceased, besides bearing funeral expenses and giving job in the company to one member from the family of each deceased.
The company will also give Rs 1 lakh as ex-gratia to each of the injured and bear the cost of their treatment.