South Africa’s Industrial Development Corporation (IDC) is seeking to sell its 74%-owned subsidiary Scaw Metals Group in four separate parts after it failed to find a buyer for the entirety of the lossmaking producer, according to media reports.

IDC initially invited last October expressions of interest from firms interested in acquiring a stake in Scaw. Earlier this year it said it was looking for strategic equity partners to help return Scaw to profitability.

A Scaw Metals representative declined to comment on the sale process, while an IDC spokesman did not return requests for comment. However, the former confirmed to Kallanish Scaw’s four divisions consist of the cast products unit, the wire rod unit, which produces wire products, the grinding media division, and the rolled products division. The latter produces rebar, round bar and wire rod through the electric arc furnace process and also operates the largest scrap shredder in Africa.

Scaw Metals Group’s revenue fell -3% on-year in 2015 to ZAR 6.3 billion ($429.3 million). Before South Africa implemented last year a coil import duty, Scaw was mulling a restructuring and/or a huge employee reduction due to the unfavourable conditions in the steel industry.