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Actually the character is purposely just a white ball. You're supposed to find out why after beating the game without dying, but I've realized that it's pretty difficult to do that. For the descending metal bar, you're supposed to let the bar drop all the way to the bottom and collect the key when the moving sawblade reaches the very edge. Then you have to quickly go around and get back onto the metal bar before it rises back up again. This level turns out to be the trickiest of them all.

Thanks for reviewing :)

I'm pretty sure I did that, but the rod kept going down when I jumped on it after I collected the key

If you look at the platform above the key, you should be able to stand on it after rewinding the factory. The moving sawblade should also stop moving after collecting the key. This should allow you to stand on the above platform safely and wait for the metal bar to go up a bit. Then you can jump on the bar and jump to the door. Sorry that the level is pretty confusing.