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Yes, you can expect a car that has a serpentine belt to lose power steering when the belt breaks because the belt goes around the power steering pump's pulley.
I believe there is a recall on Cobalt power steering. Call your dealer with your vin# to see if it applies.
Yes, if it's connected to your power steering pump.
It indicates a problem with your power steering system. Could be as simple as low power steering fluid level.
Power Steering Serpentine Belt or pump.
No
It's common for leaking power steering fluid gets on the serpentine belt - causing slippage and ultimately belt breakage.
The power steering pump is located on the front of the engine. The uppermost pump connected to the serpentine belt.
A serpentine belt run multiple auxiliary applications (IE AC, Power Steering, Alternator)
The power steering unit and the alternator are both driven by the serpentine belt. Loosen the tensioner pulley and the serpentine belt will become loose. Put the new serpentine belt on and tighten the tensioner pulley.
On mine it was a broken serpentine belt
Not a serpentine on mine. Mine is the 2.0L and it has 2 multi-groove belts. One for aircon/power steering other for alternator. Not a serpentine on mine. Mine is the 2.0L and it has 2 multi-groove belts. One for aircon/power steering other for alternator.