A power steering waste heat recovery system for a vehicle and method of operating is disclosed. The system may include a power steering system and a waste heat absorption system. The power steering system may include a power steering pump, a liquid-to-liquid heat exchanger located downstream of the power steering pump and configured to allow power steering fluid flow therethrough, and a steering rack operatively engaging the heat exchanger to receive the power steering fluid therefrom. The waste heat absorption system may include an auxiliary heater loop configured to direct a liquid through the heat exchanger; and an automatically controllable heat control valve having an inlet, a first outlet for directing the liquid to bypass the auxiliary heater loop, and a second outlet for directing the liquid through the heat exchanger in the auxiliary heater loop.