Crucible Industries has filed for Chapter 11 bankruptcy protection, putting 158 jobs in danger.
Court documents show the company is working to continue operating the factory in Geddes, restructure debt and find a new owner.
The company has already found a buyer willing to pay more than $11 million.
Last week, a warning was sent to employees that the plant could close by March 19.
The company has been making specialty steel in Syracuse continuously since 1876.