  IRAS 00521$-$7054 is the first Seyfert 2 in which the presence of an
extremely large Fe K$\alpha$ line has been claimed. We report here on the
analysis of a 100 ks Suzaku observation of the source. We confirm the existence
of a very strong excess over the power-law X-ray continuum at $E\sim6$ keV
($EW\simeq 800$ eV), extending down to $\sim 4.5$ keV, and found that the X-ray
spectrum of the source can be explained by two different models. i) An
absorption scenario, in which the X-ray source is obscured by two
fully-covering ionized absorbers, with a strong reflection component from
neutral material ($R\sim 1.7$), a black body component and four narrow Gaussian
lines (corresponding to Fe K$\alpha$, Fe K$\beta$, Fe xxv and Fe xxvi). ii) A
reflection scenario, in which the X-ray spectrum is dominated by an obscured
($\log N_{\rm\,H}\sim 22.9$) blurred reflection produced in an ionized disk
around a rotating supermassive black hole with a spin of $a \geq 0.73$, and
affected by light-bending ($R\sim 2.7$), plus two narrow Gaussian lines
(corresponding to Fe K$\alpha$ and Fe K$\beta$). The narrow Fe K$\alpha$ and
K$\beta$ lines are consistent with being produced by ionized iron, and in
particular by Fe xiv-Fe xvi and Fe xii-Fe xvi for the absorption and reflection
scenario, respectively. While the X-ray continuum varies significantly during
the observation, the intensity of the broad feature appears to be constant, in
agreement with both the absorption and reflection scenarios. For both scenarios
we obtained a steep power-law emission ($\Gamma\sim 2.2-2.3$), and we speculate
that the source might be an obscured narrow-line Seyfert 1.
