Samsung to replace or refund 1 million U.S. Galaxy Note 7 phones

Samsung Electronics Co Ltd (005930.KS) formally recalled 1 million Galaxy Note 7 smartphones sold in the United States, replacing or refunding the flagship phones, whose susceptibility to catching fire has damaged the image of the Korean powerhouse.
Samsung received 92 reports of batteries overheating in the United States, including 26 reports of burns and 55 cases of property damage, the company said as it announced the recall in cooperation with the U.S. Consumer Product Safety Commission (CPSC).
The recall is a costly setback for Samsung, which was counting on Galaxy Note 7 to bolster sales as rivals such as Apple Inc (AAPL.O) launch new devices. The scale of the recall is unprecedented for Samsung, the world’s largest smartphone maker.
Samsung said on Thursday that new Note 7 replacement devices will be available at most retail locations in the United States no later than Sept. 21.

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