We obtained X-ray spectra of the Seyfert 1 galaxy NGC~3516 in March 1995 using ASCA. Simultaneous far-UV observations were obtained with HUT on the Astro-2 shuttle mission. The ASCA spectrum shows a lightly absorbed power law of energy index 0.78. The low energy absorbing column is significantly less than previously seen. Prominent O~vii and O~viii absorption edges are visible, but, consistent with the much lower total absorbing column, no Fe K absorption edge is detectable. A weak, narrow Fe~K$alpha$ emission line from cold material is present as well as a broad Fe~K$alpha$ line. These features are similar to those reported in other Seyfert 1 galaxies. A single warm absorber model provides only an imperfect description of the low energy absorption. In addition to a highly ionized absorber with ionization parameter $U = 1.66$ and a total column density of $1.4 times 10^{22}~rm cm^{-2}$, adding a lower ionization absorber with $U = 0.32$ and a total column of $6.9 times 10^{21}~rm cm^{-2}$ significantly improves the fit. The contribution of resonant line scattering to our warm absorber models limits the Doppler parameter to $< 160~rm km~s^{-1}$ at 90% confidence. Turbulence at the sound speed of the photoionized gas provides the best fit. None of the warm absorber models fit to the X-ray spectrum can match the observed equivalent widths of all the UV absorption lines. Accounting for the X-ray and UV absorption simultaneously requires an absorbing region with a broad range of ionization parameters and column densities.
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