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Back up your entire Steam folder and you won't have to re-download everything, as well as backing up your save games.

This will help you:
https://support.steampowered.com/kb_article.php?ref=7710-TDLC-0426

Just follow the steps for "Moving Your Steam Installation" but copy the folder to removable storage/backup location, and then copy it back after reformatting.
 
Ain't the saves in the Steam Cloud? (don't you redownload them if you format/play from another location)

The games' that don't use the Steam Cloud store their saves locally.
In short, backup your steam saves to save you grief later on.
 
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