Maybe not; it could be something as simple as low power steering fluid. A few ounces of fluid and the noise may go away.
On the other hand, where did the fluid go? There could be a leak in the power steering system. Or maybe it’s not being caused by low fluid; maybe the power steering pump itself is going bad.
Your local Cottman center will be happy to check that noise for you, and they’ll be able to identify not only what’s making the noise, but what’s causing it, too. And they’ll be thrilled to let you know if all you need is a few ounces of power steering fluid!