  We present an analysis of the relativistic iron K-alpha line in the Seyfert 1
galaxy NGC 3516, based on a continuous, five-day ASCA observation. The broad
profile which has been found in several other AGN is confirmed in NGC 3516 with
unprecedented signal-to-noise ratio. Disk-line models with either a Kerr or
Schwarzschild metric fit the integrated profile, but both require emission very
strongly concentrated in the inner disk. We find tentative evidence for the
line signatures of Ni K-alpha and/or Fe K-beta. The continuum flux varied by
\~50 per cent during the observation and time-resolved analysis shows that the
line also changes. The line core seems to follow the continuum, but the blue
wing is unrelated and shows a greater amplitude (factor ~2) of variability. The
red wing is formally consistent with a constant but appears to be correlated
with the blue wing. We interpret this as evidence for independent variability
of the broadest parts of the line. There also appears to be an absorption
feature in the profile, consistent with resonance scattering in infalling
material. This variable feature may be the signature of material being accreted
by the central black hole.
