An estimated 40,000 people across Orange County, California, were under evacuation orders on Friday as officials warned a failing industrial tank holding thousands of gallons of toxic chemicals was set to burst or explode.“We are setting up these evacuations in preparation for these two options: It fails, or it blows up,” Orange County Fire Authority Division Chief Craig Covey said during a news conference on Friday. “Please follow our requests and orders for evacuations.”Crews were called in starting Thursday afternoon when a tank overheated and began venting vapors into the air at an aerospace component manufacturing plant in the city of Garden Grove, about 35 miles south of Los Angeles, The compromised tank holds up to 7,000 gallons of methyl methacrylate, a volatile and flammable substance used to make plastics, officials said.First responders were able to neutralize one at-risk tank using chemicals, but the tank at issue appeared to bulge as it heated up, suggesting the container is going into “thermal runaway” and bound for a critical rupture.Officials are monitoring a critically damaged chemical tank in Orange County, California, that’s likely to cause a chemical spill or explosion (AP)By Friday afternoon the leak had stopped, but problems including a faulty valve meant the remaining tank was still an emergency risk. Officials are monitoring the temperature of the tank and will pull back response crews once it gets too high.The crisis is unfolding at a facility for GKN Aerospace, which supplies components for commercial and military aircraft. No injuries or deaths have been reported, according to officials.This is a breaking news story and will be updated with new information.