Engine loud knocking sound by the power steering pump?

Each pulley should run freely, can you tell me which pulley it is? Also, can you please shoot a quick video with your phone so I can hear the noise? That way I can tell for sure what's going on. You can upload it here with your response. Also, with the belt off start the engine for a brief time to see if the noise is still there. That way you can tell if the noise is internal or not.

Yes, it's the pulley at the bottom in the back, I will try this belt off start tomorrow when it's light out.

Thanks for the video, it helps. I don't think that the power steering pump knocking sounds more like the timing belt guide has broken or the timing belt is about to let go, I do hear a tensioner bearing that is making the squeaking noise. If you remove the belt, it should help confirm the problem. Let me know. Here is how you can change the timing belt in the images below. I would replace the water pump and timing belt tensioners as well. Check out the images (below). Please let us know what you find.