The twisting red tower, situated next to the Olympic Stadium, was designed by Turner Prize-winning artist Anish Kapoor and structural designer Cecil Balmond and cost £22.7 million to create. It will have two observation floors, a 455-step spiral staircase a lift and even a restaurant, with the objective being that visitors go up to the top in a lift before walking down the spiral staircase to take in both the views and Kapoor's artistic detail.
Those involved in the project hope that the tower, which is 22 metres taller than the Statue of Liberty, will remain a must-see attraction long after the Games have finished. Steel magnate Lakshmi Mittal, the chairman of ArcelorMittal, invested £19.6 million, while the remaining £3.1 million is coming from the Greater London Authority. “We conceived this project in partnership to ensure the Olympic legacy will stretch well beyond the Games itself, helping to ensure the ongoing regeneration of this part of London,” said Mittal.
Mayor of London Boris Johnson gave the sculpture his full backing, and hailed the Orbit as an "iconic" addition to the skyline of the capital. "What better calling card for London 2012 than a piece of truly spectacular modern British art to drive visitors to east London in perpetuity," said Johnson.
"It would have boggled the minds of the Romans. It would have dwarfed the aspirations of Gustave Eiffel, and it will certainly be worthy of the best show on earth, in the greatest city on earth. "And as the final giant steel loop is swung into place, lifting the ArcelorMittal Orbit to its full height, we are truly witnessing the most significant iconic addition to London’s skyline for decades.”Estimates suggest that the venue will generate up to £10 million of revenue per year and create up to 50 new jobs once the dust has settled on the Games.