Samsung stops Galaxy Note 7 production

South Korean tech giant Samsung has permanently ceased production of its high-end Galaxy Note 7 smartphones after reports of devices it had deemed safe catching fire.

The firm had already reduced Galaxy Note 7 production volumes.

Owners are expected to be able to return the phones for a refund or an exchange for a different Samsung phone.

The firm had earlier said it would stop sales of the phone.

"We recently readjusted the production volume for thorough investigation and quality control, but putting consumer safety as top priority, we have reached a final decision to halt production of Galaxy Note 7s," the company said, reports BBC.

"For the benefit of consumers` safety, we stopped sales and exchanges of the Galaxy Note 7 and have consequently decided to stop production."

Earlier, consumer tech analyst Caroline Milanesi of Creative Strategies said Samsung should "call it a day" on production of the Galaxy Note 7 to limit long-term risk to the brand.

However, South Korea`s finance minister had warned that the country`s exports would be hurt if the phone model was scrapped.