  XMM-Newton and Chandra/HETG spectra of the Compton-thin (NH 4x10^{23}
cm^{-2}) Seyfert 2 galaxy, NGC 4507, are analyzed and discussed. The main
results are: a) the soft X-ray emission is rich in emission lines; an (at
least) two--zone photoionization region is required to explain the large range
of ionization states. b) The 6.4 keV iron line is likely emitted from
Compton-thick matter, implying the presence of two circumnuclear cold regions,
one Compton-thick (the emitter), one Compton-thin (the cold absorber). c)
Evidence of an Fe xxv absorption line is found in the Chandra/HETG spectrum.
The column density of the ionized absorber is estimated to be a few x10^{22}
cm^{-2}.
