We present a high resolution X-ray spectrum of the iron K bandpass in MCG-6-30-15 based on a 522 ksec observation with Chandras High Energy Transmission Grating Spectrometer. The Chandra spectrum is consistent with the presence of a relativistically broadened, highly redshifted iron K alpha emission line with a similar profile to previous observations. A number of narrow features are detected above 2 keV, including a narrow Fe K alpha emission line and narrow absorption lines from H- and He-like Fe, H-like S and H-like Si. This absorption is well described by a photoionized plasma with a column density log N_H = 23.2 and an ionization parameter log xi = 3.6, assuming the iron abundance has the Solar value and a velocity dispersion parameter b = 100 km/s. Applying this absorption model to a high fidelity XMM-Newton EPIC-pn spectrum we find that a broad iron line is still required with emission extending to within 1.9 gravitational radii of the black hole. If the iron line comes from an accretion disk truncated at the innermost stable circular orbit, this indicates that the black hole must be spinning rapidly with a>0.95. Ionized absorption models attempting to explain the 3-6 keV spectral curvature without strong gravity predict absorption lines in the 6.4-6.6 keV range that are inconsistent with the Chandra spectrum. The H- and He-like iron absorption lines in the Chandra spectrum are blueshifted by 2.0 (+0.7/-0.9) x 10^3 km/s compared to the source frame, and may originate in a high velocity, high ionization component of the warm absorber outflow. This high ionization component may dominate the energy budget of the outflow, and account for a significant fraction of the outflowing mass. (Abstract truncated).
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