diff --git a/win32/Makefile.msc b/win32/Makefile.msc
index 67b77317..f4ba52a3 100644
--- a/win32/Makefile.msc
+++ b/win32/Makefile.msc
@@ -26,7 +26,11 @@ AS = ml
 LD = link
 AR = lib
 RC = rc
+!if $(USE_CRT_DLL)
 CFLAGS  = -nologo -MD -W3 -O2 -Oy- -Zi -Fd"zlib" $(LOC)
+!else
+CFLAGS  = -nologo -MT -W3 -O2 -Oy- -Zi -Fd"zlib" $(LOC)
+!endif
 WFLAGS  = -D_CRT_SECURE_NO_DEPRECATE -D_CRT_NONSTDC_NO_DEPRECATE
 ASFLAGS = -coff -Zi $(LOC)
 LDFLAGS = -nologo -debug -incremental:no -opt:ref