What are the recommended steps to perform a 'go-around'?

The recommended steps to perform a 'go-around' involve applying full power to ensure that the aircraft can gain altitude safely. This is crucial for establishing a positive climb, which is essential if the landing approach is not stable or if you are unable to land safely.

Retracting the flaps at a predetermined altitude after initiating the go-around is also important as it helps to reduce drag and allows the aircraft to gain altitude more efficiently. Maintaining a positive climb ensures safety and stability as the pilot prepares for another approach or to reposition the aircraft for landing.

The other options suggest actions that do not align with the safe and effective procedure for a go-around. For instance, reducing power and descending would contradict the need for a positive climb, while leveling off or initiating a steep turn are not appropriate responses in situations that require a go-around to maintain proper flight safety and control.