  We present strong evidence for variability of the flux of the iron K$\alpha$
emission line in the Seyfert 1 galaxy, NGC 3516. Two ASCA observations,
separated by $\sim 1$~yr, showed a marked decrease in continuum flux by $\sim
60$~per cent. The flux in the broad, iron K$\alpha$ line decreased by the same
factor in this time period, with no evidence for changes in the line profile.
The line variability is significant at $>99$~per cent confidence and rules out
models in which the line is produced in a molecular torus located at $>1$~pc
from the nucleus. An accretion disk is considerably more likely.
