Power steering fluid aeration and blowout

Power steering fluid aeration causes fluid spillage and loss. This condition is suspected to be caused by the power steering pump failure resulting in the air being drawn into the system (note: at this point, this is a preliminary diagnosis). As the fluid gets aerated it becomes compressible as air bubbles contained in it are compressible. When pressure is relieved (when steering pressure drops or when the engine is stopped) expansion of the air bubbles pushes the fluid out of the tank. The smoke is caused by the fluid leaking on the hot exhaust parts (which is a serious safety issue due to the potential risk of fire)

UPDATE: Yes, the problem was caused by faulty power steering pump