The power steering system holds only a small amount of fluid and isn't under any pressure unless the engine is running plus it wouldn't take much of a leak before you wouldn't have any power assist when steering so I doubt if that is the root cause of your problem... however the cooling system is under pressure once the engine is running and it sounds like you have a coolant leak somewhere that is causing the spraying of fluid under the hood...especially since the motor is now overheating. If the coolant level gets low enough it will boil/bubble out and may give off a scorched smell. I would start by just checking all the fluid levels while the engine is off and cool. If the coolant level is low but the engine oil level is high [like it was overfilled] then you may have a bad head gasket that is causing the engine to overheat and is allowing coolant to enter the oil. The engine oil may also look like chocolate milk when this happens. You could also have something simpler such as a leaking water pump or hose that is causing the loss of coolant. I would have this problem checked out as soon as possible since it doesn't take much overheating to cause some pretty serious engine damage. Good luck, hope this helps!
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