A new £19.1m tourist attraction is set to be created at the Olympic Park in London after plans for the 115m (377ft)-tall sculpture - the ArcelorMittal Orbit - were commissioned.

London-based artist Anish Kapoor was selected by mayor Boris Johnson, Olympics minister Tessa Jowell and ArcelorMittal chair and chief executive officer Lakshmi Mittal for the scheme. The sculpture - set to become the largest in the UK - will be 22m (72ft) taller than the Statue of Liberty in New York, US, and will contribute towards a lasting legacy from the 2012 Games.

ArcelorMittal Orbit, which will consist of a "continuous looping lattice of tubular steel", will offer views over the 250-acre (101-hectare) Olympic Park from a purpose-built viewing platform. Up to £16m will be provided by ArcelorMittal, the international steel company, towards the scheme, with the remaining £3.1m coming from the London Development Agency.

Developed in conjunction with Cecil Balmond of Arup, Kapoor's designs were chosen by an advisory panel comprising members of the art and design sectors. Johnson said: "Long after the Games are over our aim is to have a stunning spectacle in east London that will be recognised around the world.

"Anish Kapoor's inspired art work will truly encapsulate the energy and spirit of London during the Games and as such will become the perfect iconic cultural legacy." The structure is set to be located between the Olympic Stadium and the Aquatics Centre, with a scheduled opening date ahead of the 2012 Games subject to planning permission.