What do Call This? Wheel Ring?

[68_Step]

My K30's wheels currently have the chrome (stainless?) simulators on them. At some point I plan on getting rid of them and running the steel wheels powder coated. the black ring in the pic below is holding the covers on right now, and it looks like I think I need to keep it (or something like it) - my wheels do not have a recess for the acorn lug nut, but the ring does.

What are my options of cleaning up the looks of the ring? What have you guys done when going back to the steel wheels without covers?

What is the proper name of the ring? I am not sure what to call it, other than ugly...