Captain America # 321, titled "Ultimatum!", was published in September 1986 and is a significant "Key Issue" in the character's history. It is widely remembered for a rare and controversial moment where Captain America is forced to use a lethal weapon.
The story, the first of a two-part arc, centers on the return of the anti-nationalist villain Flag-Smasher:
- The Abduction: Flag-Smasher leads a new terrorist organization called ULTIMATUM (Underground Liberated Totally Integrated Mobile Army To Unite Mankind). They hijack an airliner in midair over the Atlantic, holding American passengers hostage and demanding the surrender of Captain America.
- Infiltration: Steve Rogers tracks the group to a secret base in the Swiss Alps. To infiltrate their headquarters, he disguises himself by wearing an ULTIMATUM soldier's uniform.
- The Moral Dilemma: During the rescue at a local monastery, a guard begins firing into the crowd of hostages. To save them, Captain America reacts with "lightning speed" and uses a machine gun to shoot and kill the terrorist.
- The Aftermath: Deeply shaken by the act of taking a life, Steve vows to avenge his "lost honor," setting the stage for a philosophical showdown with Flag-Smasher in the following issue.
- Writer: Mark Gruenwald.
- Art Team: Paul Neary (Penciler) and John Beatty (Inker).
- Cover Artist: Mike Zeck.
- First Appearance: This issue features the first appearance of the terrorist group ULTIMATUM.
- Supporting Cast: Includes appearances by Hiram "Ram" Riddley and his mother Holly.