The remains were located around 3pm today and will require forensic testing before an identity can be determined. 

An caretaker who was residing at the factory is still unaccounted for. 

An investigation into the fire continues.

EARLIER: EIGHT Bendigo CFA crew attended the scene of a steel factory fire in Seymour early Saturday morning, where a man remains unaccounted for.

Bendigo provided one aerial appliance, a heavy pumper and a protected equipment van.

Members received the call out at 2.30am on Saturday morning and arrived at the Worrough Street scene about one hour later.

The 4000 square metre factory was completely destroyed in the fire and blanketed the nearby region with dense smoke throughout Saturday.

Bendigo senior station officer Mick Lavery said the fire was one of the most serious members had attended for some time.

"They worked all night to extinguish the fire and then swapped crews at about 8am," he said.

"I understand crews from Shepparton also attended."

A caretaker residing at the factory remained unaccounted for on Sunday morning.

Police did not know whether the caretaker was at the factory at the time of the fire.

They will conduct a search of the scene when it is safe to do so.