Arcelor Mittal also provided steel for the construction
of the ArcelorMittal Orbit for the 2012 Summer Olympics.
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It said the payment would be made subject to Arcelor being declared a successful and eligible bidder for Essar.
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It is thus the largest
deal in Europe's steel industry since the takeover of Arcelor by Laxmi Niwas Mittal in 2006.
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She became notable for her activism in opposing Arcelor Mittal's steel plant in Eastern Jharkhand
that tribal activists say would displace forty villages.
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The highlight of the collection, and its only permanent exhibit, is The Matter of
Time, a series of weathering steel sculptures designed by Serra, which is housed in the 130-meter Arcelor Gallery.