Jan 31 (Reuters) - Swedish steelmaker SSAB on Wednesday said it expected shipments to be higher in the first quarter compared to the last three months of 2023, while selling prices will be lower across its businesses.

SSAB, which operates steel businesses on both sides of the Atlantic, reported a 36% drop in its fourth-quarter adjusted operating profit to 2.40 billion Swedish crowns ($230 million), hit by lower steel prices, but beat analysts' forecast of 2.12 billion in LSEG poll estimates.

Europe's steel industry is suffering from falling demand at home, a stuttering Chinese economy, and Asian rivals flooding the local market with cheaper products. ($1 = 10.4335 Swedish crowns) (Reporting by Marta Frckowiak in Gdansk; editing by Milla Nissi)