i have a 96' V6 3.8L mustang and the power steering makes a horrible noise when i turn the wheel and when i put power steering fluid in the resevoir its all over the floor under the pump 2 days later, i dunno if its the pump or sumthin wrong with the rack or wut.

 

check the seals, they may be leaking.

 

my 98 v6 does this also. in fact someone i know that owns a ranger about the same year range as are stangs has that problem too. im pretty sure its just something you have to deal with as things start to get tired.