you have no choice but to circle
Choice was foregone when the takeoff was commenced without a comprehensive and quantitative escape plan. Winging it on the fly is not a good option. Particularly for those with lots of twinjet time .. it is very easy to lose track of just how much climb gradient goes with the lost engine ..
You will be turning and able to climb or if, not....then descend.
OEI climb gradient generally is pretty poor. As soon as you bank, it's much the same as being heavier straight and level .. climb decreases .. hence the usual 15 degrees limit to put a cap on the loss. Put yourself into a situation where you HAVE to turn inside the far wall .. and you a very likely to be descending quite noticeably .. and, probably, with a predictable outcome shortly after.
Erebus was well before EGPWS map display of course
I really should stop trying for any levity in my posts .. generally falls flat.