Peter O'Brien, 51, from Llanishen, Cardiff, and Mark Sim, 41, of Caldicot, Monmouthshire, were killed in the blast at the rod and bar mill at Celsa Steel, in Splott, on Wednesday.
South Wales Police said their families have been updated and formal identification procedures are now under way.
Five men were also injured.
Supt Stephen Jones said: "Our thoughts remain with the families of Peter O'Brien and Mark Sim at what is a very difficult time for them.
"Emergency services personnel have worked in extremely challenging conditions both during the initial rescue operation and the recovery phase which followed."
The company is working with the Health and Safety Executive (HSE) and police to determine the cause of the blast in the basement of the rod and bar mill.
On Saturday, steelworkers at a rally in Sheffield held a minute's silence in their memory.
One steelworker injured in the blast remains in the University Hospital of Wales, Cardiff.
Flowers have been left at the steelworks, many with tributes to those who died.
Speaking to BBC Wales on Thursday, Mr O'Brien's brother Kevin said "he was the true embodiment of a rock" who "loved life at the works".
"My brother was a family man," he added.
"Husband to Marie and father of Keiran, Hannah, Sean, Rachel, Martha and Dominic; son of Sheila and Bart; brother of Bernard, Kevin and Catherine. He will be sadly missed."
Celsa Steel UK chief executive Luis Sanz said Wednesday was "a tragic day for all in our Celsa family".
The bodies of two men who died in an explosion at a Cardiff steelworks have been recovered, police have confirmed.