The deal follows confirmation that ArcelorMittal will fund most of the construction of a £19.1 million ($29 million) 115 metre high visitor attraction in the Olympic Park in time for 2012, which will be designed by artist Anish Kapoor and structural engineer Cecil Balmond and named "The Orbit" during Games time.
 
As part of the deal, London 2012 will benefit from the sale of tickets to visit the viewing platform of the tower around the Games, as well as being able to provide hospitality in the tower at Games-time.

The tower, which will stand in the southern part of the Olympic Park between the Stadium and Aquatics Centre, is expected to be completed by May 2012 and will be an iconic presence on the skyline as well as providing visitors with spectacular views across the Olympic Park.

The structure, which contains 1,400 tons of steel, was chosen by a panel which included Sir Nicholas Serota, director of the Tate Museum, and was designed in collaboration with Balmond of engineering and design firm Arup.

Mittal is providing £16 million ($24 million) worth of funding for it.



Sebastian Coe, the chairman of London 2012, said: "The Olympic Games and Paralympic Games are already transforming East London and the addition of the Tower at Games-time will provide an added dimension to the Park.

"We are thrilled to have ArcelorMittal on board as a sponsor and I have great pleasure in welcoming them to the London 2012 family."

Mittal, 59, was born in India but now lives in London and has a personal fortune of £19.3 billion ($27.7 billion).

He was already involved in the Olympics.
 
He has invested nearly $10 million (£7 million) in the Mittal Champions Trust, which was set-up after India won only one medal at both the 2000 Sydney and 2004 Athens Games with the aim of producing India's first-ever Olympic individual medal.

His support was vital in helping India's Abhinav Bindra win the men's 10 metre air rifle event in Beijing in 2008, which Mittal rewarded with a personal bonus of $350,000 (£244,000).

Mittal is also the largest shareholder of England Championship football club Queens Park Rangers.

He agreed to fund The Orbit after being approached by London Mayor Boris Johnson in the cloakroom in Davos.

Mittal said: "With the Games being the world’s biggest sporting event, we felt that London 2012 was the perfect sponsorship opportunity.

"We’re excited about being associated with this great global sporting event and being able to showcase the versatility of steel at it with the ArcelorMittal Orbit.

"I'm also personally pleased to be able to give a little something back with this initiative to  London, which has been my home for many years."

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