Updated: October 11, 2012 7:42 PM | By The Associated Press, thecanadianpress.com

Samsung unveils smaller, cheaper Galaxy S III

SEOUL, South Korea - Samsung Electronics Co. has unveiled a smaller and cheaper version of the Galaxy S III smartphone with the same screen size as the iPhone 5.

This computer-generated image released by Samsung Electronics Co. on Friday, Oct. 12, 2012 in Seoul shows the company's Galaxy S III mini. THE CANADIAN PRESS/AP, Samsung Electronics

SEOUL, South Korea - Samsung Electronics Co. has unveiled a smaller and cheaper version of the Galaxy S III smartphone with the same screen size as the iPhone 5.

Samsung says the Galaxy S III mini features a screen measuring 4 inches diagonally, smaller than the Galaxy S III's 4.8 inch display but the same as Apple's iPhone 5, which was Apple's first upgrade of the iPhone screen size.

Samsung said the mini will be launched in Europe later this month but kept mum on schedules for other countries.

Samsung's German mobile shop lists the mini's price at 399 euros ($516) versus 550 euros ($711) for the cheapest S III.

The mini is powered by the latest version of Android software but does not support faster fourth-generation wireless networks.