Ricky, not quite correct. The QRH has a note stating 'do not attempt a missed approach after landing gear is extended'. However, if you've trained on the B744, you will probably have tried the two engined go-around utilising the kinetic energy still available after gear extension. The QRH suggests gear down at glideslope intercept, which quite often is at around 2000'-3000'.
So, aside from Austrian Simons parallel universe, we could retract the gear and clean up to at least flap 1 whilst accelerating DOWN the glideslope to initiate a climb before reaching minimums. You have to be careful about how much thrust you apply so that it is commensurate with directional control. Ooh er! I bet they don't teach you that in MS Flight Sim!
Based on Austrian Simons logic, I should never fly because if I lose one engine then I might lose another. I'd rather face that in a B744 than a twin, three hours from the nearest suitable airport.
Austrian Simon, please do us all a favour and refrain from your comments on here because they serve no purpose other than to irritate with no substance to provide any mitigation. The only issue here is whether the FAA are right or wrong to fine BA for continuing the flight instead of landing at the nearest suitable airport. In my book, as a B744 pilot, albeit, with nowhere nearly enough experience to make such a command decision, the BA captain did nothing illegal. Whilst I may not have reached the same conclusion and may have decided to continue as far east as was practical whilst my ops department set up a reroute to JFK or EWR, so that we could arrange onward transfers for our pax, I have no doubt that the BA crew involved weighed up all their options and continued on the basis that it was feasible. What happened later to cause the fuel problem is irrelevant to this case as it could have had the same effect if they'd not lost an engine and been kept below optimum levels and the winds were not as favourable as forecast.