I have a 97 sc300, when I turn the steering wheel left or right I am hearing a errrrrrrrrr sound coming from the belt where the fan is and a concentrated vibration on the steering wheel. The Power steering reservoir is full and I see no leaks. What could be the issue here

 

Steering rack would be my first guess, though I haven't a clue what's wrong with it.

 

while the car is running open the PS reservoir and see if it's bubbling. could just need a flush or ATF instead of regular power steering fluid that you might have. our cars require ATF for the power steering, not regular power steering fluid. i had a horrible whining and screeching and all i did was flush some of the fluid, not even all of it cz i didnt have time, added some toyota ATF and let it bubble out. no more problems.

 

I will do the test. Now if there is
No bubbling. What to do there after. I need worse case scenario here

 

I would guess oldManTan is right. That sounds like the noise it would make for a day or two after replacing the rack & pinion, and probably after flushing the fluid. It sounds awful, but it works itself out pretty quickly the more you engage the power steering, i.e. turning, while driving.