We present results from a 150 ks Suzaku observation of the Seyfert 1.5 NGC 3516 in 2005 October. The source was in a relatively highly absorbed state. Our best-fit model is consistent with the presence of a low-ionization absorber having a column density near 5 X 1022 cm(-2) and covering most of the X-ray continuum source (covering fraction 96-100%). A high-ionization absorbing component, which yields a narrow absorption feature consistent with Fe xxvi K, is confirmed. A relativistically broadened Fe K alpha line was required in all fits, even after the complex absorption was taken into account; an additional partial-covering component is an inadequate substitute for the continuum curvature associated with the broad Fe line. A narrow Fe Ka emission line has a velocity width consistent with the Broad Line Region. The low-ionization absorber may be responsible for producing the narrow Fe Ka line, though a contribution from additional material out of the line of sight is possible. We include in our model soft band emission lines from He- and H-like ions of N, O, Ne, and Mg, consistent with photo-ionization, though a small contribution from collisionally-ionized emission is possible.