92 CV Power Steering/Serp belt problem

This is my first post, so go easy on me.

My wife drove the car to work and said she heard a noise (thought she ran over something), then the steering got tight, so she brought it back home.

I looked under the hood, and the serpentine belt is loose (its needed replacement for quite sometime now), and the power steering fluid drained out. I'm wondering about the power steering. Why did they both go out at once, and is it the power steering pump that i should replace?

92 CV V8

Start with the belt then see what happens if it doesn't work properly then shut off the engine and go fron there.

Also check the belt tensioner to be sure it is working properly.