The paper aims to broaden the understanding of the business strategies of leading players on the Czechoslovak and Austrian cement markets between 1918 and 1938. It also aims to expand the empirical knowledge regarding the state interventionism, monopolization of the market and its cartelization. First, the paper outlines the structural characteristics of the interwar Austrian and Czechoslovak cement industry. The peculiarity of the cement industry in comparison with other dominant branches of heavy industry in Central Europe (engineering, metallurgy, chemical industry etc.) lies in the specificity of inputs and outputs, which are significantly influenced by the geographic location of the cement plant. Next, the paper compares the business strategies of dominant players on both markets (Králův Dvůr in Czechoslovakia and Perlmoos in Austria). Both cement plants responded to the structural changes after the dissolution of the Austria-Hungary quite differently, which closely corresponded with the structural changes on both markets. Králův Dvůr preferred the path of “extensive” growth, while Perlmoos opted for more “intensive” means of development.