It's most likely a severely bent pitman arm. Show us a side view, and we'll be able to tell for sure. It's supposed to have a pretty lengthy drop in it. Looks like that drop is pushed up and back.
For it to bend that much though, I'd think it would've damaged the steering box too. You can try bending it back, but the idea of heating important steering components cherry red doesn't sit well with me. I know hotrodders have been doing it forever, but I'd try what I could to find a useable replacement. That's just me though. Keep us posted!