Walt Simonson is killing it on the Thor comic. This annual is not by him.
I want to say, “But at least it has art by John Buscema,” but his art isn’t great here. And he’s inking himself, so…No excuses.
Mephisto kidnaps Ulik’s brother to get him to fight Thor.
Thor fights Ulik. Thor then goes to rescue Ulik’s brother, because Thor is such a cool guy.
There is a nice twist in the end: Mephisto kills Ulik’s brother rather than let Thor save him.