Loki, captured by the giant Geirröðr, promises to bring Þórr there without Mjölnir or his belt of strength; the giantess Gríðr gives Þórr a new belt, iron gloves, and a staff, and Þórr kills Geirröðr's daughters and finally the giant himself.
Loki hafði flogið í flugustakk Freyju ok fórst í hendi á Geirröðr jötni. Hann þekkti hann vera mann í flugustakk. Loki var þar í kerald þrjár mánaðar. Hann lofaði þá að fara heim til Ásgarðs með Þór ok án Mjölnis ok megingjarðar. Gríðr var kona ein jötuns er var móðir Víðars. Hon sagði Þór af ráðum Geirröðar ok lék honum megingjörð ok járngreipr ok staf sinn er heitir Gríðarvölr.
Loki had been flying in Freyja's falcon-cloak and fell into the hands of the giant Geirröðr. The giant recognized him as a man inside a bird-skin. Loki was kept captive there for three months. He then pledged to travel home to Ásgarðr with Þórr, and without Mjölnir or the belt of strength. Gríðr was the wife of a certain giant and the mother of Víðarr. She told Þórr of Geirröðr's treachery and lent him a belt of strength, iron gloves, and her staff called Gríðarvölr.
Þórr kom til Geirröðar. Þar voru tvær dœtr hans, Gjálp ok Greip, ok vildu drepa hann í náttföstum. Þórr barði á þær með Gríðarvolinn ok braut þær báðar. Geirröðr tók eldglóð með töngum ok kastaði at Þór. Þórr tók hana í lofti með járngripunum ok kastaði aptr. Geirröðr hljóp undan bak skeptr. En járnit fór í gegnum bæði skeptiit ok Geirröð ok þar eftir gegnum vegginn út.
Þórr came to Geirröðr's hall. There were the giant's two daughters, Gjálp and Greip, and they tried to kill him in his night-rest. Þórr struck them with Gríðarvölr and broke them both. Geirröðr seized a red-hot iron with a pair of tongs and hurled it at Þórr. Þórr caught it in mid-air with the iron gloves and threw it back. Geirröðr leaped behind an iron pillar, but the iron went through both the pillar and Geirröðr and out through the wall.