Hi, welcome to Just answer, my name is Ross, i will help with your question. What you describe sounds like the power steering belt may have snapped or is slipping, If the belt slips it will get very hot and burn causing the burning smell, then belt then snaps and you loose drive to the pump, causing the loss of power steering. You can check this by simply looking down at the belts to see if it is missing, if the belt is still there, check its tight, slipping belts will cause this same problem. If the belt has snapped, its important you check the power steering pump an anything else driven by the belt to ensure it spins freely with no play in the pulley as there may be a reason for it snapping (seizure of the pump). I hope this helps answer your question, please keep me updated and get back to me if you need further assistance, regards, Ross.