it maybe the belt for the alternator
No unless the belt driving the alternator and cooling fan breaks
Could be the heat shield on the catalytic converter May be a bad bearing in one of the belt driven accesories i.e. Water pump Alternator Belt tensioner Idler pulley etc.
a serpentine belt runs the alternator and the more stuff you have running (heat, lights, radio) it causes the alternator to have to have the belt run faster to supply power to the things that are running. if your belt is loose or worn, it will slip and cannot provide the amount circulation needed for the alternator to produce enough sustainable power to run everything at once. the belt itself runs several components, and if the power steering goes out as well, then most likely that you have a bad belt. you can always try tightening it with the idler pulley. but if the belt is too worn or stretched, then i recommend just getting a new belt entirely. cheap fix really.
On Many cars the timing Belt runs the Water Pump. If this belt is loose the car will over heat. If the belt is to tight the belt will break and destroy the engine so this must be adjusted exactly correct.
To destroy metal you would need to put it in extreme heat (fire) or cut it with a crystal saw. :)
Alternator belt needs adjusting
Alternators do not generally over heat, and the do not contain fluid. Since it is red in color I would assume that you are spraying transmission fluid from a cooler line, or power stearing fluid. Power stearing is much more likely since the power stearing pump is also belt driven (just like the alternator), and commonly mounted very near the alternator.
It will not cause the engine to overheat. You have another problem.
Check the tension on the belt; a loose belt will cause the battery voltage to go down because it may be slipping on the alternator and also squeals when you accelerate because the crankshaft is turning faster than the belt.
if the car has a serpentine belt then check to see if it is good next check alternator bearings, spin it- does it move freely, same for belt tensioner. if it has separate belts or a v belt it needs to be tightened either by loosening the mounting bolts on the alternator and moving it until the belt is tight, or by doing the same with the idler pulley.
The tensioner maintains proper tension on the serpentine belt. Too much tension can cause premature failure of the belt, water pump, AC compressor, alternator, power steering... Too little tension can cause belt slipping, resulting in premature belt failure and poor operation of the water pump, AC compressor, alternator... AND when those pulleys are slipping, they generate a lot of heat which can cause premature failure of the water pump... you get the idea.