Police confirmed that they were alerted by a 999 call just after 3:30pm following reports of an explosion.
Many eyewitnesses took to ocial media saying they heard a loud bang in the Scotstoun area which caused buildings to shake.
Officers are in attendance at the incident at a factory on South Street with a police cordon in place and the road closed to traffic.
The fire service confirmed that they had sent 4 vehicles to the scene.
An SFRS spokesman said: “Operations Control mobilised four fire engines to the city’s South Street, where firefighters are currently working alongside partners to make the area safe.
“Two casualties have received precautionary treatment at the scene by the Scottish Ambulance Service.”
Emergency services were called to EMR Scrapyard on South Street.
A spokesperson for EMR said: “We can confirm that there was an incident at our Glasgow depot on Tuesday, October 23rd.
“Our onsite team implemented the emergency procedure which they have been trained on and immediately notified the emergency services. We would like to thank the local fire teams who acted swiftly and professionally, with our own depot team.
“We are pleased to report that no injuries were sustained and there was no damage to the depot infrastructure.
“We would like to apologise to the local community and businesses for any inconvenience.
“We are extremely proud of our health & safety record and we will review the circumstances of this incident and take any learnings we can to continue improving our procedures.
It is thought that the explosion happened at an industrial site on the street with one jet in use to tackle the blaze according to the fire service.
Police were unable to give details of any injuries but confirmed emergency services were at the scene.
Kirsty Duncan tweeted: “I’m actually in a building in South Street! I really felt it, the building shook! Everyone is outside trying to work out what’s going on!”