The 747-400 can go-around on 2 engines but there is a significantly different approach and go-around procedure on two engines.
All the uniformed speculation here is quite pointless. The truth will come out and will be less dramatic than the Sun readers would like.
I daresay the situation was handled exactly the way pilots flying for any other decent airline would have handled the situation.
They landed safely having kept ATC fully informed of their exact status and everybody walked away unhurt. However, let's not let that get in the way of a good slagging match from the comfort of our armchairs.