Thats the only think that would cause a screech. Also check all belts for being loose, not just the power steering belt. Also if screeching, its glazed, so it needs replaced, driven then retightened.

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81 300CD (sold) 1972 280 SEL 4.5 (sold) 1966 250 S 4 spd (sold) 1974 450 SL (sold) 86 BMW 325ES (sold), 1973 280C (sold) 1988 300 SE.