A groundbreaking ceremony has been held to mark the start of construction work on the new £19.1m ArcelorMittal Orbit tourist attraction in London.

The 115m (377ft)-tall landmark sculpture, which will be sited at the heart of the 2012 Olympic Park, was designed by artist Anish Kapoor along with structural engineer Cecil Balmond. London mayor Boris Johnson was joined by ArcelorMittal chair and CEO Lakshmi Mittal and Andrew Altman, chief executive of the Olympic Park Legacy Company (OPLC) for the event.

ArcelorMittal Orbit will consist of a "continuous looping lattice of tubular steel" and is set to be 22m (72ft) taller than the Statue of Liberty in New York, US. Offering views across the 250-acre (101-hectare) Olympic Park site - to be called the Queen Elizabeth Olympic Park following the Games, the sculpture will contribute towards 2012 legacy plans.

The attraction is due to be handed over to the OPLC by March 2012, with the London 2012 Organising Committee planning to open it to visitors in summer 2012. It will then reopen in spring 2013 following a "period of transformation". Johnson said: "Long after the Olympic and Paralympic Games are over, thanks to the ArcelorMittal Orbit and Lakshmi Mittal, we will have a stunning new spectacle in London.

"Recognised the world over, the Orbit will not only be an amazing piece of art, but it will draw visitors from every corner of the globe to east London." ArcelorMittal, the international steel company, will contribute up to £16m towards the scheme, with the London Development Agency providing the remaining £3.1m.