I agree with
@kloudie1 and
@LloydB . With the screw removed you may be able to rotate the keeper plate . Looks like someone has tried to beat the cover plate. I would remove the screw and use a penetrating oil on the fitting as the probability of corrosion is high.
The SS threads maybe galled.
Stainless steel galling, or cold welding, is a form of severe adhesive wear. Although stainless steels show a tendency to gall under certain conditions, galling can occur with any material. This form of wear occurs as a result of excessive friction between two moving surfaces, which under particular conditions can disrupt the oxide layers and permit metal-to-metal contact.
Are the sheaves rotating or are they frozen?