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The fluid could have grounded out the ignition coil. If the power steering hose at the actuator broke it will blow fluid everywhere.
Could I get the engine serial number please?
Go to the back of the engine and locate the steering actuator and inspect the power steering lines are they rusty or broken off?
Here is a diagram of the actuator. http://www.marineengine.com/parts/mercury_marine_parts/static/img/COMMON/37778.gif