I'm pretty sure I did that, but the rod kept going down when I jumped on it after I collected the key
Viewing post in I.D. RESTART jam comments
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.