What is the magnetic ring on the steering shaft for?

LaserSVT

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So in todays tear down of the car we accidentally snagged the rag joint and ripped the steering shaft out of the steering wheel. Got it back in but there is a magnetic pick up ring on the steering shaft by the mount for the column. Mine got pretty tweaked in the misshape. I straightened the ring pretty flat but not perfect. The sensor that reads it was ripped off its mount and the mount is now broken. I can JB weld it in place but I would like to know what that sensor is for? I realize it reads the steering angle but what does it adjust in response to that signal?
Is it for traction control? Does it affect the firmness level of the steering pump? Does it adjust the suspension in anticipation of lean..... don't think the system can correct that fast though..... so any thoughts?
 

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