98 Subaru Impreza emitting white smoke from engine bay, help?

98 Subaru Impreza upon start up this morning immediately began emitting
white smoke from the passenger side engine bay. The engine was cold and
it smelled like something funky burning. Turned it off right away. Recently
replaced the spark plugs, wires and coil pack due to throwing a check engine
code for cylinder 4. Compression test was good. Water pump, timing belt
and valve cover gaskets were done. Don't know when the head gasket was
done last on it, i know that's a common problem for these Subaru's. It has
220k miles.  What could be burning? Pretty sure my power steering pump is
going out due to it making a whining noise, don't know if that could be
related.