One of the engine pulleys is bad. It's difficult to say which without examining the vehicle personally. It could be the idler pulley, tensioner pulley, or just about any component that is pulley driven on the front of the engine. With the engine off and cool, place a small white line on each of the pulleys. You can use white out, or just about anything. Have someone then start the engine (with the hood up) and examine the pulleys to see which one isn't spinning. The other components are spinning, and one is not. The white (yellow whatever) spot will help to see which one is seized. The belt is rubbing on it causing the rubber smell. Be very careful as the belt has the potential to break causing an injury. It may be the power steering pump itself and will need to be replaced. Please rate my assistance and leave a testimonial after trying the diagnostic technique provided by myself or solutions of the experts. Thank you for using Fixya.
It's your serpintine belt take it to a mechanic
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