We report on partially overlapping XMM–Newton (∼~260 ks) and Suzaku (∼~100 ks) observations of the iron K band in the nearby, bright type 1 Seyfert galaxy Mrk 509. The source shows a resolved neutral Fe K line, most probably produced in the outer part of the accretion disc. Moreover, the source shows further emission bluewards of the 6.4 keV line due to ionized material. This emission is well reproduced by a broad line produced in the accretion disc, while it cannot be easily described by scattering or emission from photoionized gas at rest. The summed spectrum of all XMM–Newton observations shows the presence of a narrow absorption line at 7.3 keV produced by highly ionized outflowing material. A spectral variability study of the XMM–Newton data shows an indication for an excess of variability at 6.6–6.7 keV. These variations may be produced in the red wing of the broad ionized line or by variation of a further absorption structure. The Suzaku data indicate that the neutral Fe Kα line intensity is consistent with being constant on long time-scales (of a few years), and they also confirm as most likely the interpretation of the excess blueshifted emission in terms of a broad ionized Fe line. The average Suzaku spectrum differs from the XMM–Newton one in the disappearance of the 7.3 keV absorption line and around 6.7 keV, where the XMM–Newton data alone suggested variability
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