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You replace the fluid because it is obviously contaminated.
If the pump is in fact failing, and you change the fluid, it may trigger an immediate failure. I've seen it happen. Much like if your transmission is going and you change the fluid, it can put the already failing mechanical parts into shock, and cause the failure to be immediate.
On the other hand, you could potentially save your ps pump. Just make sure you have money on hand for a new one when you change the fluid, just in case.
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