Samsung will announce its new Galaxy phone on March 1

The company sent invitations to the press Monday for one of its "Unpacked" events, which are used to announce its most important products like the Galaxy S and Galaxy Note line of phones.

Sources familiar with Samsung's plans told Business Insider the so-called Galaxy S6 will be made out of metal, a departure from the plastic designs the company has used in the past.

There will also be a version of the Galaxy S6 with a curved screen, similar to the Galaxy Note Edge that launched last year.

Finally, Samsung will announce a new smartwatch with a round design, according to sources.

Samsung's rival HTC is also expected to announce its new phone, the followup to the One M8, on March 1 at a separate event in Barcelona.

Business Insider will be in Barcelona on March 1 covering Samsung's announcement live.