  We present the analysis of an XMM observation of the Seyfert galaxy NGC 2992.
The source was found in its highest level of X-ray activity yet detected, a
factor $\sim 23.5$ higher in 2--10 keV flux than the historical minimum. NGC
2992 is known to exhibit X-ray flaring activity on timescales of days to weeks,
and the XMM data provide at least factor of $\sim 3$ better spectral resolution
in the Fe K band than any previously measured flaring X-ray state. We find that
there is a broad feature in the \sim 5-7 keV band which could be interpreted as
a relativistic Fe K$\alpha$ emission line. Its flux appears to have increased
in tandem with the 2--10 keV continuum when compared to a previous Suzaku
observation when the continuum was a factor of $\sim 8$ lower than that during
the XMM observation. The XMM data are consistent with the general picture that
increased X-ray activity and corresponding changes in the Fe K$\alpha$ line
emission occur in the innermost regions of the putative accretion disk. This
behavior contrasts with the behavior of other AGN in which the Fe K$\alpha$
line does not respond to variability in the X-ray.
