New steering wheel, what is this part?

[Khaotic]

I just bought a refurbished steering wheel and I noticed they differ abit with that my "old" wheel has this bracket/bushing thing in the middle, behind the airbag.
Problem is I cannot move it over to my new one, as there are no drilled holes (with threads) in the new one and I cannot imagine what this part does and hope someone here can help?
From what I can make out using the part #, the new one without this piece was actually not leather prior to refurbish but wood, but thats all the difference I can find.
I imagine its not alot of work to make it fit, but I dont have a tap and thread tool so if its "useless" in a sense I will just leave it out.
Its pretty heavy for its size, and has a metallic bracket/surround with a hard rubber "puck" in the middle that you can shift around a little.

Thanks for any input on this.

[Bordom]

1. Unscrew old one
2. Drill/tap new one
3. ???
4. Break down into tears when the above doesn't work lol

But the screws in the old one are literally where they should go in the new one

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