The accident occurred at about 7:00 am when a cooling tower platform plunged to the ground, trapping an unknown number of people beneath it, state-run Xinhua news agency reported.
Rescuers earlier said that the death toll passed 40, but later corrected it to 40. The death toll is likely to rise as an unknown number of people are still trapped, it said.
Sixty-eight people were working on the platform at the time of the collapse, according to China's State Administration of Work Safety.
Images from state broadcaster CCTV showed a pile of twisted metal and dozens of rescue workers searching for victims under the rubble.
China has a long history of industrial accidents, from factory explosions to mine collapses and there have been growing demands for more stringent safety standards.
Last year, the Chinese port city of Tianjin was rocked by two massive blasts, killing at least 173 people and injuring hundreds others.
A metal dust explosion at a car parts factory in eastern China in August 2014 killed at least 75 people and injured more than 180.
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