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You're probably missing a belt - the one that turns the power steering pump and the alternator

UPDATE: Turns out, the belt is NOT the answer in most cases. I've found out that the power system in a Corolla is not hydraulic, it is electrically assisted, meaning that when you start losing power in the car, you lose your Power Steering. You also do not want to automatically assume it is a bad battery. Corolla alternators seems to go bad on a regular basis, check that unless you want to spend money on a battery when you don't need to (like I just did...).

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Q: Why does your battery light come on and power steering going out on your 95 Toyota corolla?
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