Web-slinging through the city, Spider-Man's attention is drawn to a strange scene where a robbery where a museum was robbed, the walls and a display case containing rare meteor fragments had been melted. When Spider-Man is spotted by the police, they fire at him, and he is forced to flee.
Spider-Man changes back into Peter Parker and is confronted by Liz Allan, who is dead on her feet. As a strange man kicks out the cleaning lady from his hotel (prompting her to call the Bugle to tip them of his strange behavior) Peter brings the exhausted Liz to Mary Jane's apartment. Peter explains that Liz is an old friend from high school who he hasn't seen since graduation, and asks MJ to watch over her for the night, Mary Jane agrees to help out.
Meanwhile, at the Bugle, Ned Leeds decides to check out the lead that he got from the hotel maid. Arriving at the hotel, Leeds witnesses a large explosion from inside. When he goes in, he is attacked by the strange man, who seemingly caused the explosion on his own. When Peter arrives at the Bugle, he is told of Ned's assignment and is asked to go there to take any pictures. When Peter arrives there as Spider-Man, he sees the explosion and goes in to check to see if Ned is safe.
He finds Ned alive, but unconscious, and is soon attacked by his old foe the Molten Man. Spider-Man soon learns that the Molten Man's powers have now gotten stronger than ever before, thanks to the rocks that he had stolen. The fight ends when Spider-Man knocks the Molten Man outside of the building. He lands on a fire-hydrant, the resulting torrent of water steams against the Molten Man, giving him cover to escape. Spider-Man then grabs Ned and brings him to the nearest hospital, changing back to Peter Parker before admitting him.
When the doctors take a look at him, they inform Peter that Ned has been exposed to a harmful dose of radiation. Realizing that the rocks that the Molten Man must be radioactive, Peter tries to leave the hospital to stop the villain before he can irradiate anyone else, but succumbs to radiation sickness as well and passes out.
This story is continued next issue...