Now pull out edge loops to make the front of the cylinder curved as shown. Select the edges shown in red around the cylinder and chamfer them by 0.2 or so. Delete the polys at the back of the cylinder since they are inside the hole and can't be seen. This is to ensure that you don't waste polys. You can now move the cylinder a little farther into the hole so that it doesn't stick out too much. The texture of the Porsche emblem will be mapped onto this cylinder later.
Select the cylinder that you originally duplicated and scale it up a little. Now place three cylinders that connect the center to the outer ring as shown in the pic. Squash the larger cylinder in the middle a little. Connect the three cylinders to each other and add a symmetry modifier.
Now make yet another cylinder that will be the shaft of the steering wheel. That's basically it for the steering wheel.
Group all the parts together and put it into position. Also, you might want to rotate the steering wheel a little so it's not perfectly lined up and that way you get a better sense of realism. Always try to make things imperfect like that when you are going for realism.