Peter Parker joins a group of his fellow students in protesting about the building of a nuclear reactor on the ground of his college. The students are concerned that the plutonium by-product of the nuclear reaction could fall into the wrong hands and an atomic bomb constructed.

While this is happening, reporter Gail Hoffman arrives in New York to interview Spider-Man. In order to make their point the students steal some plutonium from the lab. Spider-Man appears on the scene in an unsuccessful attempt to prevent the theft. But Spidey is spotted by security guards and is naturally blamed for the theft.

Meanwhile, in Switzerland, villain Mr White reads a newspaper report of the theft and deduces that it was the students rather than Spider-man who stole the radioactive material. He plans to relieve the students of their ill-gotten gains. He departs immediately for the United States with his monstrous henchman, Angel. White kidnaps Peter Parker, a known associate of Spider-man in an effort to locate the plutonium.

When one of the students involved in the theft is admitted to hospital with radiation poisoning, Peter changes to Spider-Man to track down the plutonium. But White and Angel get there first. In the ensuing
fight, Spidey is hurled off a twelve story building and plunges earthward, seemingly to his death...

Spidey saves himself from his death-dive by forming a net with his webbing. But in the confusion, White and Angel escape with the plutonium.

Jonah Jameson, owner of the Daily Bugle, discovers that White has fled to Los Angeles and arranges for Peter Parker and Gail Hoffman to travel to the west coast in search of White.

White is demanding one billion dollars in return for not setting off the plutonium bomb in a heavily populated area.

The authorities assume, wrongly, that he means New York. In fact White plans to set off the bomb in Los Angeles at the time the President is giving a speech there.

Spider-Man finally tracks White to his lair and learns of White's plans. He locates the bomb and defuses it at the last second.

White escapes, vowing that he and Spider-Man will meet again. (They don't... - Paul)

[Summary from UK 1982 Spider-man Annual]