GS–No, I think that the serpentine belt (or–more likely–a belt tensioner) is still the common link here.
Even if the this car has electric power steering, a loose serpentine belt will inevitably cause steering problems.
In fact, a car with electrically-assisted power steering will probably drain a weak batter faster than a car with the more conventional hydraulic power steering. Insufficient electric power=loss of all electrically-powered accessories at some point.